Statoil strengthens hold on Norwegian fields

Statoil has increased its interests in two of its operated projects offshore Norway.

Offshore staff

STAVANGER, Norway – Statoil has increased its interests in two of its operated projects offshore Norway.

The company has agreed to acquire Total’s 2.5% stake in the Valemon unit in the North Sea, comprising 5% of license PL193B and a carve-out of PL193. In exchange, Statoil will transfer a 2% share in Hild in North Sea licenses PL040, PL043, and PL043BS to Total.

Valemon development is progressing as planned, with first production expected in late 2014, with plateau output of 68,000 boe/d. Statoil’s equity in Valemon will increase from 64.28% to 66.78%, following completion of the agreement.

In the Barents Sea, Statoil has agreed to acquire Hess’ 3.26% interest in the Snøhvit Unit, the Hammerfest LNG plant at Melkøya, and adjacent production licenses.

Statoil will pay Hess NOK1 billion ($178 million) for the package, which comprises 11.25% of PL097 and 8.33% of PL110, and 3.26% of PL110B, PL110C, PL448 and PL488.

“Snøhvit is a long-term field with substantial remaining resources located in an area that has been revitalised through recent discoveries and the delineation agreement between Russia and Norway,” said Statoil’s Executive VP for Development and Production Norway Øystein Michelsen.

He expects the field to remain in production for 30-40 years.

Snøhvit was discovered in 1981, and production started in August 2007. Following the transaction, the partner interests in the Snøhvit Unit will be Statoil (36.79%), Petoro (30%), Total E&P Norge (18.40%), GDF Suez E&P Norge (12%), and RWE Dea Norge (2.81%).

11/04/2011

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