Total has agreed to sell a 15% stake in the Gina Krog field in Norway to Tellus Petroleum, a subsidiary of Sequa Petroleum for NOK 1.4 billion.
"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,” commented Arnaud Breuillac, President Exploration & Production.
Sanctioned in 2013, the Gina Krog project is currently under development in the Norwegian North Sea and is expected to start-up in 2017.
On completion of the sale, Total will retain a 15% interest in Gina Krog alongside Statoil (58.7%, operator), Tellus Petroleum (15%), PGNiG Upstream International (8%) and Det norske oljeselskap ASA (3.3%).