Total’s 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 $317 million, with an effective date of January 1, 2014.
The transaction is subject to the approval of the Norwegian authorities.
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 and 9 million cubic meters 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%).
“This sale is in line with Total’s strategy of active portfolio management”, commented Patrice de Viviès, Senior Vice President Northern Europe, Exploration & Production.
“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”.