Statoil, Marathon align Norwegian interests

Offshore staff

STAVANGER, Norway -- Statoil and Marathon Petroleum Norge have agreed a swap of interests in the Norwegian North Sea.

Under the agreement - a pure exchange - Statoil receives a further 8.2% stake in the Gudrun/Sigrun discoveries in production license PL 025, while Marathon gains 10% of the Brynhild prospect in PL 187, and 12.5% of the 15/5-2 find in PL 048, west of the Sleipner complex.

Statoil now has a 55% operated interest in Gudrun/Sigrun and Brynhild, in partnership with GDF SUEZ (25%) and Marathon (20%). Equalizing the interests is designed to facilitate development of the fields, Statoil claims.

Last week, Norway’s parliament approved the plan for development and operation (PDO) of Gudrun. The field will be developed via a fixed process platform tied back to facilities in the Sleipner area and the Kårstø process plant on Norway’s southwest coast.

According to Ståle Tungesvik, Statoil’s senior vice president for reserve and business development, Exploration & Production Norway (EPN), “the platform and transport solution form a sound basis for the development of several oil and gas fields in this area.”

Sigrun will be developed via a seabed installation connected to the Gudrun platform – a PDO decision here is due some time later this year.

Drilling operations are under way on the Brynhild prospect close to Gudrun. A positive result should lead to a further development through the Gudrun/Sigrun installations.

Following the asset swap, the 15/5-2 find will be taken out of the existing production license 048 and re-categorized as a separate license, subject to approvals. It will be operated by Statoil (65.7%) in partnership with Marathon (12.5%) and Total (21.8%).

Again, there are development options through Sleipner. Statoil expects to announce a preferred concept in 2011.

06/21/2010