Total Divests Remaining 15% Stake In Gina Krog Field In Norway To KUFPEC

(RTTNews) - French energy giant Total SA (TTA.L, TTFNF.PK, TOT) Monday said it has signed an agreement to divest its remaining 15% interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company or KUFPEC.

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.

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 with 58.7%, which is the operator. PGNiG Upstream International will have 8% stake, and Aker BP 3.3%. The Gina Krog oil and gas field started production in June 2017.

Arnaud Breuillac, President, Exploration & Production, said, "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. 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."