Total sells remaining 15 pc stake in Gina Krog field KUFPEC

Total sells remaining 15 pc stake in Gina Krog field to KUFPEC

7:32 AM, 4th September 2017
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PARIS, FRANCE: Total SA has signed an agreement to sell its remaining 15 percent interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC).

This agreement builds on the 2016 transaction between Total and KUFPEC concerning Norwegian North Sea assets, which included a 15 percent interest in Gina Krog. The overall consideration for both deals will total $617 million. 

Upon completion of the sale, Total will no longer have an interest in the Gina Krog field, while KUFPEC will have a 30 percent stake alongside Statoil (58.7 percent, operator), PGNiG Upstream International (8 percent) and Aker BP (3.3 percent). The Gina Krog oil and gas field started production in June 2017.

“We have decided to completely divest our interest in the Gina Krog project and focus on other opportunities in Norway, which remains a key country for Total. This sale is in line with our objective to optimize the group’s allocation of capital by efficiently managing our portfolio of assets. With the recent acquisition of Maersk Oil & Gas, the group’s position in the North Sea will be significantly strengthened,” said Arnaud Breuillac, president, exploration & production.

© Worldofchemicals News 

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