Total has agreed to sell off its interests in a number of Norwegian assets for $317million.
An agreement has been signed by Total E&P Norge AS to sell off 8% of its shares in the Gina Krog field, together with its interests in the mature fields of Vilje and Vale at 24.23% and 6% share in Morvin to PGNiG Upstream International.
Following the sale, Total will retain a 30% interest in the Gina Krog field alongside Statoil and Det Norske.
The field is currently under development and is expected to begin production start-up in early 2017.
It will produce 60,000 barrels of oil per day and nine million cubic metres of gas per day at plateau.
Patrice de Viviès, senior vice president in Northern Europe for exploration & production, said: “This sale is in line with Total’s strategy of active portfolio management.
““With the Ekofisk South, Eldfisk II, Martin Linge and Gina Krog developments, Total’s production in Norway is set to grow between 2014 and 2017.”
Total has had a presence in Norway for almost 50 years and holds interests in more than 100 production licenses, 30 of which it operates.
By Niamh Burns