Total SA has signed an agreement to sell its remaining 15 percent interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC).
This agreement builds on the 2016 transaction between Total and KUFPEC concerning Norwegian North Sea assets, which included a 15 percent interest in Gina Krog. The overall consideration for both deals will total $617 million.
Upon completion of the sale, Total will no longer have an interest in the Gina Krog field, while KUFPEC will have a 30 percent stake alongside Statoil (58.7 percent, operator), PGNiG Upstream International (8 percent) and Aker BP (3.3 percent). The Gina Krog oil and gas field started production in June 2017.
Total SA has signed an agreement to sell its remaining 15 percent interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC).
This agreement builds on the 2016 transaction between Total and KUFPEC concerning Norwegian North Sea assets, which included a 15 percent interest in Gina Krog. The overall consideration for both deals will total $617 million.
Upon completion of the sale, Total will no longer have an interest in the Gina Krog field, while KUFPEC will have a 30 percent stake alongside Statoil (58.7 percent, operator), PGNiG Upstream International (8 percent) and Aker BP (3.3 percent). The Gina Krog oil and gas field started production in June 2017.
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