Total Sells 15% Interest in Gina Krog Field
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)