OMV builds license position offshore the Faroe Islands

Statoil has agreed with OMV on two farm-out deals offshore northwestern Europe.

Offshore staff

STAVANGER, Norway --Statoil has agreed with OMV on two farm-out deals offshore northwestern Europe.

In the Faroe Islands, Statoil has farmed down 10-15% stakes in licenses L006, L008, L009, L011, and L016. The company points out that it remains the largest license holder off the Faroes and is preparing to drill two wells there in 2014.

In the Norwegian North Sea, the company is ceding a 15% interest to OMV in PL359, containing the Lundin-operated Luno II discovery, and a similar interest in license PL410.

Upon completion of the transactions, participation will be is as follows:

Faroe Islands
L006: Statoil, 35% (operator); Exxon, 49%; Atlantic Petroleum, 1%; OMV, 15% (acquired from Statoil)
L008: Statoil, 40% (operator); DONG, 30 %; OMV, 30% (10% acquired from Statoil, 20% already held by OMV)
L009: Statoil, 35% (operator); Exxon, 50%; OMV, 15% (acquired from Statoil)
L011: Statoil, 35% (operator); Exxon, 50%; OMV, 15% (acquired from Statoil)
L016: Statoil, 30% (operator); Exxon, 26%; DONG, 30%; Atlantic Petroleum, 4%; OMV, 10% (acquired from Statoil).

Norwegian continental shelf
PL 359: Lundin, 40% (operator); Statoil, 15%; Premier, 30%; OMV, 15% (acquired from Statoil)
PL 410: Lundin, 70% (operator); Statoil, 15%; OMV, 15% (acquired from Statoil).

11/5/2013

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