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October 28, 2014

Total to sell stakes in several Norwegian oil fields for $317m

France-based Total has agreed to sell stakes in various oil fields in Norway to PGNiG Upstream International for $317m.

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France-based Total has agreed to sell stakes in various oil fields in Norway to PGNiG Upstream International for $317m.

Total E&P Norge will sell an 8% interest in the Gina Krog field, which is under development in the North Sea.

The field, which was approved in 2013, is expected to commence production in early 2017.

Upon completion, the field will produce 60,000 barrels of oil per day and 9 million cubic meters of gas per day.

Total E&P Norge will retain a 30% interest in the Gina Krog field upon completion of the sale. Statoil and Det Norske will have 58.7% and 3.3% stakes respectively.

Total will also sell its stakes of 24.2% each in the Vilje and Vale fields, as well as a 6% interest in the Morvin field.

Total exploration & production for Northern Europe senior vice-president Patrice de Vivi├Ęs 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."

Total, which has been present in Norway for about 50 years, played an important role in the development of several large fields on the Norwegian continental shelf.

The company holds interests in more than 100 production licenses, of which it operates 30.

Total E&P Norge produced 243,000 barrels of oil equivalent per day in 2013.


Image: Total has been present in Norway for about 50 years. Photo: courtesy of Total.

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