Total E&P Norge AS will sell an 8% interest in the Gina Krog field in Norway, together with its interests in the mature fields of Vilje (24.243%), Vale (24.243%) and Morvin (6%), to PGNiG Upstream International for US$317 million.
The transaction is subject to the approval of the Norwegian authorities with an effective date of 1 January 2014.
Gina Krog is a field under development in the North Sea, sanctioned in 2013, with an expected production start-up in early 2017. The project will produce 60,000b/d and 9Mcm/d at plateau.
Following the sale, Total E&P Norge will retain a 30% interest in the Gina Krog field alongside Statoil (58.7%) and Det Norske (3.3%).
Total says that this sale is in line with its strategy of active portfolio management and the Ekofisk South, Eldfisk II, Martin Linge and Gina Krog developments, Total’s production in Norway is set to grow between 2014 and 2017.
Map from Total.
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