PARIS: French oil giant Total said Monday it has agreed to sell its remaining stake in a Norwegian oil field to Kuwait so that it can focus on its recent acquisition of Denmark’s Maersk Oil.
“Total has signed an agreement to divest its remaining 15-percent interest in the Gina Krog field in Norway to Kuwait Foreign Petroleum Exploration Company (KUFPEC),” Total said in a statement.
“In the framework of our portfolio management and optimization of the allocation of capital, we have decided to fully divest our interest in the Gina Krog project and focus on other opportunities in Norway,” said Total’s head of exploration and production, Arnaud Breuillac.
“With the recent acquisition of Maersk Oil & Gas, the group’s position in the North Sea will be significantly strengthened, in particular in Norway.”
Total announced on Aug. 21 that it would buy Maersk Oil for $7.45 billion, making it the second-largest operator in the North Sea, with substantial operations in Britain, Norway and Denmark.
For its part, KUFPEC said the deal was valued at $317 million.
Total already sold a 15-percent stake in Gina Krog to Kuwait in 2016. It put the combined value of both that deal and the latest one at more than $600 million.
The Gina Krog field is situated in the North Sea and is controlled by Norwegian giant Statoil.
Total sells Norwegian assets to Kuwait
Total sells Norwegian assets to Kuwait
Closing Bell: Saudi stocks slip as Tadawul falls 1% amid broad market weakness
RIYADH: Saudi stocks fell sharply on Tuesday, with the Tadawul All Share Index closing down 108.14 points, or 1.03 percent, at 10,381.51.
The broader decline was reflected across major indices. The MSCI Tadawul 30 Index slipped 0.78 percent to 1,378.00, while Nomu, the parallel market index, fell 1 percent to 23,040.79.
Market breadth was strongly negative on the main board, with 237 stocks falling compared to just 24 gainers. Trading activity remained robust, with 164.7 million shares changing hands and a total traded value of SR3.19 billion ($850.6 million).
Among the gainers, SEDCO Capital REIT Fund led, rising 2.73 percent to SR6.77, followed by Chubb Arabia Cooperative Insurance Co., which gained 2.69 percent to SR20.20.
National Medical Care Co. added 1.72 percent to close at SR141.60, while Alyamamah Steel Industries Co. and Thimar Advertising, Public Relations and Marketing Co. advanced 1.57 percent and 1.13 percent, respectively.
Losses were led by Al Masar Al Shamil Education Co., which tumbled 8.36 percent to SR24.65. Raoom Trading Co.fell 6.75 percent to SR64.20, while Alkhaleej Training and Education Co. dropped 6.60 percent to SR18.12 and Naqi Water Co. declined 5.51 percent to SR54.00. Gulf General Cooperative Insurance Co. closed 5.44 percent lower at SR3.65.
On the announcement front, Chubb Arabia Cooperative Insurance Co. signed a multiyear insurance agreement with Saudi Electricity Co. to provide various coverages, expected to positively impact its financial results over the 2025–2026 period. The deal will run for three years and two months and is within the company’s normal course of business.
Meanwhile, Bupa Arabia for Cooperative Insurance Co. announced a one-year health insurance contract with Saudi National Bank, valued at SR330.2 million, covering the bank’s employees and their families from January 2026. Despite the sizable contract, Bupa Arabia shares fell 0.8 percent to close at SR137, weighed down by the broader market weakness.
In contrast, United Cooperative Assurance Co. revealed an extension of its engineering insurance agreement with Saudi Binladin Group for the Grand Mosque expansion in Makkah. The contract value exceeds 20 percent of the company’s gross written premiums based on its latest audited financials and is expected to support results through 2026. However, the stock came under selling pressure, ending the session down 4.51 percent at SR3.39.
