Under the terms of the agreement, Total will also sell its interests in the mature fields of Vilje (24.243%), Vale (24.243%) and Morvin (6%) to PGNiG.

The transaction, which is effective from 01 January 2014, is subject to the approval of the Norwegian authorities.

Total Northern Europe, Exploration & Production senior vice president Patrice de Viviès said: "This sale is in line with Total’s strategy of active portfolio management.

"With the Ekofisk South, Eldfisk II, Martin Linge and Gina Krog developments, Total’s production in Norway is set to grow between 2014 and 2017."

Upon completion of the transaction, Total E&P Norge will hold a 30% stake in the Gina Krog field while Statoil and Det Norske will have 58.7% and 3.3% interests respectively.

Approved in 2013, the Gina Krog field is scheduled to commence production in early 2017 and is expected to produce 60,000 barrels of oil per day and 9 million cubic meters of gas per day.

Total played a major role in the development of several large fields on the Norwegian continental shelf and holds interests in more than 100 production licenses, of which it operates 30.

Total E&P Norge produced 243,000 barrels of oil equivalent per day in 2013.

Image: Total to divest 8% stake in the Gina Krog field. Photo: Courtesy of suwatpo/