Total Sheds Some Norway Oil Stakes

Total has agreed to sell stakes in several oil fields in Norway to PGNiG Upstream International for $317 million, the French company said on Tuesday.

Total is to sell 8 percent of its holding in the Gina Krog field, leaving it with a 30 percent stake alongside Statoil (STO) , which has 58.7 percent, and Det Norske, which has 3.3 percent.

Gina Krog is being developed with a view to starting production in early 2017, with an output target of 60,000 barrels of oil per day and 9 million cubic meters per day of gas, Total said.

Total will also sell its stakes of 24.2 percent each in the Vilje and Vale fields as well as a 6 percent interest in the Morvin field, it said.

The French oil major plans to sell $10 billion of assets in 2015-17, having already reached a target of $15-20 billion of sales in 2012-2014.

Reporting by Gus Trompiz