Total has shed its remaining interest in the North Sea Gina Krog field.
The firm signed an agreement to divest its 15% stake to Kuwait Foreign Petroleum Exploration Company (KUFPEC). This is the second transaction for the pair. It follows Total’s 2016 15% divestment in Gina Krog to KUFPEC.
Both deals are worth more than $600million.
In the framework of our portfolio management and optimization of the allocation of capital, we have decided to fully divest our interest in the Gina Krog project and focus on other opportunities in Norway, which remains a key country for Total,” said Arnaud Breuillac, president, exploration & production.
“With the recent acquisition of Maersk Oil & Gas, announced on August 21, the Group’s position in the North Sea will be significantly strengthened, in particular in Norway, with the participation in the development of the giant Johann Sverdrup field.”
KUFPEC will have a 30% stake alongside Statoil (58.7%, operator), PGNiG Upstream International (8%) and Aker BP (3.3%). The Gina Krog oil and gas field started production in June 2017.
Total holds interests in 85 production licenses offshore Norway (including Gina Krog), 32 of which it operates. The affiliate Total E&P Norge AS, located in Stavanger, is one of the largest contributors to the Group’s equity production with 235,000 barrels of oil equivalent per day in 2016.