Total has signed an agreement to sell a 15% interest in the Gina Krog field in Norway to Tellus Petroleum in a NOK1.4billion deal.
The French company’s president of exploration and production said the move was as a result of a “full comparative review” of its global asset portfolio.
The transaction still has to be approved by the Norwegian authorities.
Arnaud Breuillac, president of exploration & production, 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.
“This sale is in line with our willingness to optimize the Group’s allocation of capital.”
The Gina Krog project was sanctioned in 2013 and is currently under development in the Norwegian North Sea and is expected to start-up in 2017.
Once the agreement has been completed, Total will still retain a 15% interest in the project alongside its operator Statoil.
Alongside Tellus, PGNiG Upstream International holds an 8% share while Det Norske holds 3.3%.