Statoil, OMV agree on Barents Sea exchange

Offshore staff

STAVANGER, Norway -- Statoil and OMV are committed to swap interests in two licenses in the Norwegian sector of the Barents Sea.

Under the agreement, Statoil will take 15% of OMV's 40% interest in production license 537, which was awarded in 2009 under Norway’s 20th licensing round, with OMV as operator.

In exchange, OMV receives 30% of Statoil's 80% interest in PL 393B, where Statoil will maintain a 50% operated stake.

"We consider this area in the Barents Sea interesting and are very pleased to have secured a stake in this license," said Gro Gunleiksrud Haatvedt, VP for Exploration on the Norwegian continental shelf in Statoil. "The Barents Sea is a strategically important area for Statoil, and this agreement further strengthens our position in the area, at the same time as we reduce our exposure in licence 393B."

01/14/2011