Total sells Gina Krog stake
Norway
PARIS, September 4, 2017 – Super-major Total said on Monday that Kuwait Foreign Petroleum Exploration Company (KUFPEC) had agreed to buy its remaining stake of 15% in the Gina Krog field offshore Norway.
“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, Total’s E&P president. “With the recent acquisition of Maersk Oil & Gas, announced on August 21, the group’s position in the North Sea will be significantly strengthened.”
KUFPEC, which purchased an initial 15% interest in the field from Total last year, said in a separate release that the deal was valued at USD 317 million and its effective date was January 1, 2017.
“At closing, KUFPEC will add approximately 34 million boe in net reserves and approximately 9,000 boepd of production from Gina Krog, which came on-stream in June 2017 and is operated by Statoil,” the company statement said. “The addition of the new production will take KUFPEC’s production in Norway close to 25,000 boepd.”
Statoil will remain the operator of the Gina Krog oil and gasfield with a 58.7% interest, followed by KUFPEC with a 30% stake, PGNiG Upstream International with 8% and Aker BP with 3.3%.
The deal is subject to approval by Norwegian authorities.
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