The divestment is a part of the company’s effort to optimize capital allocation amidst falling oil prices.
In 2014, Total agreed to sell 8% stake in the Gina Krog field to PGNiG Upstream International as part of its strategy of active portfolio management.
Total exploration & production president Arnaud Breuillac said: "As a result of a full comparative review of our global asset portfolio and in particular of our vast portfolio of opportunities in Norway, we have decided to further divest our participation in this project after the initial sale of an 8% interest in 2014."
The transaction is subject to approval of the Norwegian authorities.
Upon completion of the deal, Total will hold 15% stake in Gina Krog field while Statoil and Det Norske will have 58.7% and 3.3% interests respectively.
Additional field development partners include Tellus Petroleum with 15% stake and PGNiG Upstream International with 8% interest.
Approved in 2013, the Gina Krog field is scheduled to commence production in early 2017 and is expected to produce 60,000 barrels of oil per day and 9 million cubic meters of gas per day.
The partners plan to use the Maersk Integrator rig for drilling and completion of fourteen wells at Gina Krog oil and gas discovery located in water depth of approximately 120m, until 2019.
Image: The Maersk Integrator rig installed at the Gina Krog field in the North Sea. Photo: courtesy of Eva Sleire/Statoil.
