Kufpec, the oversees upstream arm of Kuwaiti state giant KPC, on 4 September increased its holdings offshore Norway, paying Total $317mn for the major’s remaining 15% stake in the Statoil-operated Gina Krog field. The field produces both oil and gas (around 65% oil). Recoverable reserves are 106mn barrels oil, 3.2mn tons of NGLs and 417bn ft³ of gas.
The deal also advances Total’s North Sea restructuring following last month’s purchase of Maersk (MEES, 25 August). (CONTINUED - 962 WORDS)
