Total withdraws from Gina Krog development offshore Norway
Total has agreed to sell its remaining 15% interest in the Gina Krog field in the Norwegian North Sea to Kuwait Foreign Petroleum Exploration Company (KUFPEC).
It follows last year’s transaction between the two parties concerning various Norwegian North Sea assets, which included 15% of Gina Krog. Total estimates the total price for both deals at US$617 million.
“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,” said Arnaud Breuillac, president, Exploration & Production.
“With the recent acquisition of Maersk Oil & Gas…the group’s position in the North Sea will be significantly strengthened.”
Upon completion of the sale, KUFPEC will have a 30% stake in Gina Krog alongside Statoil (58.7%, operator), PGNiG Upstream International (8%), and Aker BP (3.3%).
The field started production this June.