Total sells 8% interest in Norwegian field

Total subsidiary, Total E&P Norge AS, has signed an agreement to 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.

The consideration for the transaction is US$ 317 million, with an effective date of 1 January 2014. The transaction is subject to the approval of the Norwegian authorities.

Gina Krog

Gina Krog is a field under development in the North Sea, sanctioned in 2013, with an expected production start-up early 2017. The project will produce 60,000 barrels of oil per day (boepd) and 9 million m³ of gas per day at plateau.

Following the sale, Total E&P Norge AS will retain a 30% interest in the Gina Krog field alongside Statoil (58.7%) and Det Norske (3.3%).

Comments

Commenting on the sale, Patrice de Viviès, Senior Vice President Northern Europe, Exploration & Production, said: “This sale is in line with Total’s strategy of active portfolio management. With the Ekofisk South, Eldfisk II, Martin Linge and Gina Krog developments, Total’s production in Norway is set to grow between 2014 and 2017”.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28102014/total-sells-interests-in-norwegian-fields-1714/