Gina Krog

Total has signed an agreement to sell a further 15% interest in Gina Krog field off Norway to Sequa Petroleum’s subsidiary Tellus Petroleum for Nkr.4bn ($172m).

Under the agreement, Tellus will acquire interests of 30% in PL 029C, 14.78% in PL 029C and 21.8% in PL 048, representing 15% in the Gina Krog field.

Total Exploration and Production president Arnaud Breuillac said: "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 optimise the group’s allocation of capital."

The Gina Krog project was sanctioned in 2013 and is currently under development in the Norwegian North Sea.

"This sale is in line with our willingness to optimise the group’s allocation of capital."

The field operated by Statoil with 58.7% interest is expected to be operational in 2017 and will provide cash-flow that will enable further growth of Sequa Petroleum. Other partners are Total (30%), PGNiG (8%) and Det norske (3.3%).

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Once the sale concludes, Total will retain a 15% interest in the field.

According to Sequa Petroleum, the addition of Gina Krog will provide the company with a further high-quality asset in its core North Sea area.

The transaction is effective from 1 January, subject to approval from the Norwegian authorities.

Independent oil and gas company Tellus is currently developing a portfolio of interests in discoveries and producing fields on the Norwegian Continental Shelf.

Image: The Maersk Integrator drilling rig on the Gina Krog field in the North Sea. Photo: courtesy of Eva Sleire/Statoil.