Norway is still a key country for Total, its CEO Arnaud Breuillac has said after confirming the sale of company's remaining 15% stake in the Gina Krog field to Kuwait Foreign Petroleum Exploration Company (KUFPEC).
Total had in 2016 agreed a deal with KUFPEC, which included an initiail 15% interest in Gina Krog. In total, the 30% divestment will net Total 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,” says 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.”
On completion of the sale, Total will no longer have an interest in the Gina Krog field, while 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 (including Gina Krog), 32 of which it operates. The affiliate Total E&P Norway, in Stavanger, is one of the largest contributors to the Group’s equity production with 235,000 boe/d in 2016.