Total Divests its Remaining 15% Interest in Gina Krog Field in Norway to KUFPEC
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has signed an agreement to divest its remaining 15% interest in the Gina Krog field in
Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC). This agreement builds on the 2016 transaction between Total and
KUFPEC concerning Norwegian North Sea assets, which included a 15% interest in Gina Krog. The overall consideration for both deals
exceeds $600 million.
“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, which remains a key country for Total,”
commented Arnaud Breuillac, President, Exploration & Production, “With the recent acquisition of Maersk Oil & Gas,
announced on August 21, the Group’s position in the North Sea will be significantly strengthened, in particular in Norway, with the
participation in the development of the giant Johann Sverdrup field.”
Upon completion of the sale, Total will no longer have an interest in the Gina Krog field, while KUFPEC will have a 30% stake
alongside Statoil (58.7%, operator), PGNiG Upstream International (8%) and Aker BP (3.3%). The Gina Krog oil and gas field started
production in June 2017.
Total Exploration & Production in Norway
Total has been present in Norway for over fifty years and has played a major role in the development of a number of large fields
on the Norwegian Continental Shelf. Total holds interests in 85 production licenses (including Gina Krog), 32 of which it operates.
The affiliate Total E&P Norge AS, located in Stavanger, is one of the largest contributors to the Group’s equity production
with 235,000 barrels of oil equivalent per day in 2016.
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About KUFPEC
KUFPEC was established by its parent company Kuwait Petroleum Corporation in 1981 to engage in exploration, development and
production of crude oil and natural gas outside the State of Kuwait. It is currently active in 14 countries with 54 assets in the
international upstream sector. KUFPEC is headquartered in Kuwait City, Kuwait and has additional offices in Australia, Canada,
China, Egypt, Indonesia, Malaysia, The Netherlands, Norway and Pakistan.
About Total
Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in
solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more
efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring
that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com
Cautionary note
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TOTAL S.A. directly or indirectly owns investments are separate legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms “Total” and “Total Group” are sometimes used for convenience where general references are
made to TOTAL S.A. and/or its subsidiaries. Likewise, the words “we”, “us” and “our” may also be used to refer to subsidiaries in
general or to those who work for them.
This document may contain forward-looking information and statements that are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to
a number of risk factors. Neither TOTAL S.A. nor any of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in this document whether as a result of new information,
future events or otherwise.
TOTAL S.A.
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