Total sells stake in Norwegian oil field to Kuwait

French oil and gas company Total S.A. 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), the oil company said in a statement on Monday.

The agreement builds on a $617 million deal concerning Norwegian North Sea assets signed in 2016.

Upon completion of the sale, Total will no longer have any stake in the Gina Krog field, while KUFPEC will own 30 percent, alongside operator Statoil which has a 58.7 interest, while PGNiG Upstream International and Aker BP have 8 percent and 3.3 percent, respectively.

Gina Krog oil and gas field started production in June.

Total has been present in Norway for 50 years, and has helped develop a number of large fields on the Norwegian Continental Shelf.

“This sale is in line with our objective to optimize the Group’s allocation of capital by efficiently managing our portfolio of assets. With the recent acquisition of Maersk Oil & Gas, announced on August 21, the Group’s position in the North Sea will be significantly strengthened,” said Arnaud Breuillac, president, exploration and production.

In late August, Total agreed to buy oil exploration and production assets from Danish conglomerate AP Moller-Maersk worth $7.45 billion.