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This agreement builds on the 2016
transaction between Total and KUFPEC concerning Norwegian North Sea
assets, which included a 15% interest in Gina Krog. The overall consideration for
both deals exceeds $600 million.
“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,” commented 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.”
Upon 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 Exploration & Production in Norway
Total has been present in Norway for over fifty years and has played a major role
in the development of a number of large fields on the Norwegian Continental
Shelf. Total holds interests in 85 production licenses (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.
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