Total To Sell 15% Interest In Gina Krog Field In Norway - Quick Facts

(RTTNews) - Total (TTA.L, TTFNF.PK, TOT) announced it has signed an agreement to sell a 15% interest in the Gina Krog field in Norway to Tellus Petroleum, a subsidiary of Sequa Petroleum NV. The completion payment will total NOK 1.4 billion. Upon completion of the sale, Total will retain a 15% interest in Gina Krog.

"As a result of a full comparative review of our global asset portfolio and in particular of our vast portfolio of opportunities in Norway, we have decided to further divest our participation in this project after the initial sale of an 8% interest in 2014. This sale is in line with our willingness to optimize the Group's allocation of capital," said Arnaud Breuillac, President Exploration & Production.

The Gina Krog project is currently under development in the Norwegian North Sea and is expected to start-up in 2017.