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Mon 4 Sep 2017 01:54 PM

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Kuwait buys Total's stake in Norwegian oil field

Kuwait Foreign Petroleum Exploration Company inks deal for 15% stake in Gina Krog field

Kuwait buys Total's stake in Norwegian oil field
(Photo for illustrative purposes only)

French oil giant Total said Monday it has agreed to sell its remaining stake in a Norwegian oil field to Kuwait so that it can focus on its recent acquisition of Denmark's Maersk Oil.

"Total has signed an agreement to divest its remaining 15-percent interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC)," Total said in a statement.

"In the framework of our portfolio management and optimization of the allocation of capital, we have decided to fully divest our interest in the Gina Krog project and focus on other opportunities in Norway," said Total's head of exploration and production, Arnaud Breuillac.

"With the recent acquisition of Maersk Oil & Gas, the group's position in the North Sea will be significantly strengthened, in particular in Norway."

Total announced on August 21 that it would buy Maersk Oil for $7.45 billion (6.35 billion euros), making it the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.

For its part, KUFPEC said the deal was valued at $317 million.

Total already sold a 15-percent stake Gina Krog to Kuwait in 2016. It put the combined value of both that deal and the latest one at more than $600 million.

The Gina Krog field is situated in the North Sea and is controlled by Norwegian giant Statoil.

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