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FINANCIAL NEWS
Kuwait’s Kufpec to acquire Total’s Norwegian oil assets
06 Sep 2017
(MENAFN) Oil giant Total had signed a deal with Gina Krog oilfield at Norway to sell its remaining 15% stake to Kuwait Foreign Petroleum Exploration Company (Kufpec) which worth USD317mln.
As the agreement will build on the previous transaction between Total and Kufpec in 2016, it is concerning Norwegian North Sea assets, which included a 15% interest in Gina Krog.
Arnaud Breuillac, the president for exploration and production at Total said: “We have decided to completely divest our interest in the Gina Krog project and focus on other opportunities in Norway, which remains a key country for Total.”
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