PGNiG set for stake in Gina Krog project offshore Norway

Total E&P Norge has agreed to sell interests in various North Sea fields to Poland’s PGNiG Upstream International for $317 million.

Offshore staff

PARISTotal E&P Norge has agreed to sell interests in various North Sea fields to Poland’s PGNiG Upstream International for $317 million.

These include 8% of theStatoil-operated Gina Krog field, and stakes in developed fields Vilje (24.243%), Vale (24.243%), and Morvin (6%). The transaction is subject to the approval of the Norwegian authorities.

Gina Krog is due to enter production in early 2017, and will produce 60,000 b/d of oil and 9 MMcm/d of gas at peak. Following the sale, Total will retain a 30% interest alongside Statoil (58.7%) andDet Norske Oljeselskap (3.3%).

10/29/2014

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