Total's wholly owned subsidiary Total E&P Norge AS has signed an agreement to sell an 8% interest in the Gina Krog field in Norway, together with its interests in the mature fields of Vilje (24.243%), Vale (24.243%) and Morvin (6%), to PGNiG Upstream International. The consideration for the transaction is $317 million, with an effective date of January 1, 2014. The transaction is subject to the approval of the Norwegian authorities.
Gina Krog is a field under development in the North Sea, sanctioned in 2013, with an expected production start-up early 2017. The project will produce 60,000 barrels of oil per day and 9 million cubic meters of gas per day at plateau. Following the sale, Total E&P Norge AS will retain a 30% interest in the Gina Krog field alongside Statoil (58.7%) and Det Norske (3.3%).