Total signs agreement to sell 15% interest in the Gina Krog field in Norway

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Total signs agreement to sell 15% interest in the Gina Krog field in Norway

Total has signed an agreement to sell a 15% interest in the Gina Krog field in Norway to Tellus Petroleum, a subsidiary of Sequa Petroleum NV.

The completion payment will total NOK1.4 billion (US$171.7 million). The transaction is subject to the approval of the Norwegian authorities.

Sanctioned in 2013, the Gina Krog project is currently under development in the Norwegian North Sea and is expected to start-up in 2017.

Upon 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%).

Arnaud Breuillac, President Exploration & Production, stated:

"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.”

Total has been present in Norway for fifty years and has played a major role in the development of a number of large fields on the Norwegian Continental Shelf. Total holds interests in 97 production licences, 31 of which it operates. The affiliate Total E&P Norge AS is one of the largest contributors to the Group’s equity production with 242,000 barrels of oil equivalent per day in 2014. 

List of country news

Country news

  • October 16, 2015

    E.On sells Norwegian oil & gas E&P business

    E.ON and DEA Deutsche Erdoel AG have signed a sale and purchase agreement (SPA) for E.ON E&P Norge AS. Read more
  • August 28, 2014

    Riverstone, Temasek and BNRI invest in E&P company Origo Exploration

    Riverstone Holdings has announced that it will be one of three cornerstone investors in new Norway and UK-focused exploration and production (E&P) company Origo Exploration AS. Read more
  • September 16, 2014

    BASF subsidiary Wintershall acquires oil and gas assets in Norway

    BASF Group company Wintershall is further expanding its oil and gas production and reserves in the North Sea, Norway. Read more
  • October 15, 2014

    Norway approves subsea cable interconnectors

    Norwegian Ministry of Petroleum and Energy has granted Statnett licences to construct interconnectors to Germany and the UK. Read more
  • October 22, 2014

    Statoil announces oil discovery in the North Sea

    Norway's Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea located 185 km west of the city of Haugesund on the western coast of Norway. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.