EnergyWatch

Total continues North Sea divestment to Kuwaiti company

A few months after the first production began, the impending Maersk Oil-owner Total has sold its last stake in a Norwegian oil field to Kuwait's state-owned oil company.

Photo: Statoil

Total has sold its remaining 15-percent stake in the Norwegian oil field Gina Krog. The buyer is state-owned Kuwaiti company Kufpec, which last year also took over 15 percent of the field from the French company. The total price for the two deals amounts to USD 617 million, reports Total in a press release.

The sale to the Kuwaiti company comes just two weeks after Total acquired Maersk Oil as part of its strategy to grow in the North Sea – the French company is now poised to become the second-largest player in the region after Statoil.

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