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Total SA said Monday it plans to sell its remaining interest in the Gina Krog oil and gas field to Kuwait Foreign Petroleum Exploration Company (Kufpec). in order to focus on other opportunities in Norway.
The French petroleum company said it would sell its remaining 15% interest in the field that started production in June 2017. as part of a larger deal with Kufpec that was agreed upon in 2016. Both transactions will total $617 million. the company said.
After completion of the sale Kufpec will own a 30% stake in the field alongside Statoil (58.7%). PGNiG Upstream International (8%) and Aker BP (3.3%). according to Total.
`This sale is in line with our objective to optimize the Group`s allocation of capital by efficiently managing our portfolio of assets.` said Arnaud Breuillac. president of exploration and production. adding that the company`s recent acquisition of Maersk Oil will significantly strengthen the Group`s position in the North Sea.
Total had announced earlier in August that it would acquire Maersk Oil for $5 billion. bolstering its position among the world`s largest oil companies.
