Norwegian oil company Statoil ASA (STO) has agreed a $1.45B deal with Wintershall AG (WSL.YY) to swap production licenses on the Norwegian continental shelf, and also to cooperate to increase oil recovery.
Norwegian oil company Statoil ASA (STO) has agreed a $1.45B deal with
Wintershall AG (WSL.YY) to swap production licenses on the Norwegian
continental shelf, and also to cooperate to increase oil recovery.
As part of the deal, Statoil will leave its 32.7% stake and operatorship of the
Brage field to Wintershall. Statoil will also reduce its stake to 15% from 20%
in the GDF Suez S.A.- (GSZ.FR) operated Gjoa license and to 30% from 54% in the
Statoil-operated Vega license.
Statoil will also acquire a 15% stake in the Edvard Grieg license near the
giant Johan Sverdrup field on the Utsira High in the
North
Sea
from Wintershall. Wintershall's stake in the field will be 15% after
the transaction. Wintershall is a wholly-owned subsidiary of BASF SE (BASFY).
The Lundin Petroleum AB- (LUPE.SK) operated Edvard Grieg field is expected to
produce from late 2015, with peak production at about 100,000 barrels per day.
Statoil said that by acquiring a stake in the Edvard Grieg license, the company
will consolidate its position as the largest player on the Utsira High area in
the North Sea, owning part of all the oil fields in the area that have not yet
been put into production--Johan Sverdrup, Edvard Grieg, Dagny and Ivar Aasen.
"Developing the Utsira High area will be one of the major undertakings for
Statoil in decades to come," said Oystein Michelsen, Statoil executive
vice president for Development & Production Norway.
Statoil said its share of production in the divested assets was 39,000 barrels
per day in the first half of 2012. The deal takes effect from
Jan. 1, 2013
, and is expected to close in
the second half of 2013, pending government approval.
"This enables Wintershall to become one of the leading producers in
Norway," said Rainer Seele, Wintershall's chairman of the board of
executive directors.
The two companies have also agreed to cooperate on research into increased oil
recovery, or IOR, and also on unconventional oil and gas. As part of the deal,
Statoil will receive a 49% share of Wintershall's German concessions Rhineland
and Ruhr.
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