KUFPEC buys additional 15% stake in Gina Krog from Total for US$317 million
KUFPEC has taken its stake in Gina Krog to 30%, with Total exiting. KUFPEC (which bought its initial 15% stake in this asset from Total in December 2016) grows its Norwegian business by adding 34 mmboe of reserves and 9,000 boe/d of production in 2017. Total has finally exited the field after two years of trying to so. High costs and reservoir complexity have perhaps discouraged other buyers earlier in the development cycle. The deal will help Total meet its 2015-2017 divestment target of US$10 billion and also move its production down the cost curve.