Norway's Statoil will acquire French
Total's equity stakes in two fields on the Norwegian continental shelf
for around $1.45 billion as per an agreement between the two companies,
Statoil announced on Monday.
The Norwegian company said it would take over both operatorships in the Martin Linge field and Garantiana discovery.
"This
transaction adds competitive growth assets to our portfolio on the
Norwegian continental shelf. The Martin Linge project features
innovative solutions to enhance safety, capture value and reduce
emissions, in line with our strategy,” Arne Sigve Nylund, Statoil’s
executive vice president for development and production in Norway said.
Martin
Linge is an oil and gas field under development in the North Sea, with
estimated recoverable resources in excess of 300 million barrels of oil
equivalent. The expected production lifetime extends into the 2030s.
Statoil will increase its stake from 19 percent to 70 percent in the field.
Garantiana
is an oil discovery in the North Sea with recoverable resource
potential of between 50 to 70 million barrels of oil equivalent.
Following the completion of the transaction, Statoil will have a 40 percent interest in the discovery.
Statoil
will take over the relevant employees from Total as detailed in the
consultation process and in accordance with applicable legislation.
(Anadolu Agency)