Total announced Monday that it has signed an agreement to sell a 15 percent interest in the Gina Krog field, located in Norway, to Tellus Petroleum for a total payment of NOK 1.4 billion ($172.19 million).
Upon completion of the sale, Total will retain a 15 percent interest in Gina Krog alongside Statoil, which is the operator with a 58.7 percent interest, Tellus Petroleum, which will have a 15 percent interest, PGNiG Upstream International, which will have an 8 percent interest and Det norske oljeselskap ASA, which will have a 3.3 percent interest. The transaction is subject to the approval of the Norwegian authorities.
Arnaud Breuillac, Total president exploration & production, commented in a company statement:
"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 percent interest in 2014. This sale is in line with our willingness to optimize the group’s allocation of capital.”
Sanctioned in 2013, the Gina Krog project is currently under development in the Norwegian North Sea and is expected to start-up in 2017.
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