Total’s wholly owned subsidiary Total E&P Norge AS has signed an agreement to sell to PGNiG Upstream International 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%), Total said in a press release. The consideration for the transaction is $317 million, with an effective date of Jan. 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 startup in early 2017. The project will produce 60 Mbbl/d of oil and 9 MMcm/d (318 MMcf/d) of gas 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%).
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