{"id":65381,"date":"2017-09-06T01:31:27","date_gmt":"2017-09-05T23:31:27","guid":{"rendered":"http:\/\/beta.next-finance.net\/investment-banking\/marches-prives\/total-divests-its-remaining-15-interest-in-gina-krog-field-in-norway-to-kufpec\/"},"modified":"2017-09-06T01:31:27","modified_gmt":"2017-09-05T23:31:27","slug":"total-divests-its-remaining-15-interest-in-gina-krog-field-in-norway-to-kufpec","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/investment-banking\/marches-prives\/total-divests-its-remaining-15-interest-in-gina-krog-field-in-norway-to-kufpec\/","title":{"rendered":"Total Divests its Remaining 15% Interest in Gina Krog Field in Norway to KUFPEC"},"content":{"rendered":"<p>This agreement builds on the 2016<br \/>\ntransaction between Total and KUFPEC concerning Norwegian North Sea<br \/>\nassets, which included a 15% interest in Gina Krog. The overall consideration for<br \/>\nboth deals exceeds $600 million.<\/p>\n<p><em>\u201cIn the framework of our portfolio management and optimization of the allocation<br \/>\nof capital, we have decided to fully divest our interest in the Gina Krog project<br \/>\nand focus on other opportunities in Norway, which remains a key country for<br \/>\nTotal,\u201d<\/em> commented Arnaud Breuillac, President, Exploration &#038; Production, <em>\u201cWith<br \/>\nthe recent acquisition of Maersk Oil &#038; Gas, announced on August 21, the<br \/>\nGroup\u2019s position in the North Sea will be significantly strengthened, in particular<br \/>\nin Norway, with the participation in the development of the giant Johann<br \/>\nSverdrup field.\u201d<\/em><\/p>\n<p>Upon completion of the sale, Total will no longer have an interest in the Gina<br \/>\nKrog field, while KUFPEC will have a 30% stake alongside Statoil (58.7%,<br \/>\noperator), PGNiG Upstream International (8%) and Aker BP (3.3%). The Gina<br \/>\nKrog oil and gas field started production in June 2017.<\/p>\n<p><strong>Total Exploration &#038; Production in Norway<\/strong><\/p>\n<p>Total has been present in Norway for over fifty years and has played a major role<br \/>\nin the development of a number of large fields on the Norwegian Continental<br \/>\nShelf. Total holds interests in 85 production licenses (including Gina Krog), 32 of<br \/>\nwhich it operates. The affiliate Total E&#038;P Norge AS, located in Stavanger, is one<br \/>\nof the largest contributors to the Group\u2019s equity production with 235,000 barrels<br \/>\nof oil equivalent per day in 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total has signed an agreement to divest its<br \/>\nremaining 15% interest in the Gina Krog field in Norway to Kuwait Foreign<br \/>\nPetroleum Exploration Company (KUFPEC).<\/p>\n","protected":false},"author":20,"featured_media":65379,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1601],"tags":[1671,1888,1437,2082,2035,1702],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/65381"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=65381"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/65381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/65379"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=65381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=65381"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=65381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}