Sector News

Statoil announces series of deals with Repsol

December 11, 2015
News

Norway’s Statoil ASA Friday announced a series of transactions with Spain’s Repsol S.A. in Norway, the U.K., U.S. and Brazil that will see the number of Statoil’s operatorships increase in priority areas, providing greater control of asset development and costs through shared efficiencies.

Statoil will sell a 15% interest in the Gudrun field on the Norwegian Continental Shelf to Repsol, but will remain the operator and largest equity holder with a 36% interest.

The Norwegian oil major also plans to acquire a 31% equity share in the U.K. licence for Alfa Sentral, a field which spans the UK-Norway maritime border, and will acquire a 13% interest in the U.S. Eagle Ford joint venture from Repsol, becoming sole operator.

The final deal sees Statoil assume operatorship of the BM-C-33 licence in Brazil’s Campos basin, pending approval from authorities.

“In the current challenging market environment, these are innovative, value-enhancing transactions which will help control costs and strengthen Statoil’s portfolio for the long term,” said John Knight, Statoil’s Executive Vice-President for Global Strategy & Business Development.

Financial details weren’t disclosed.

By Dominic Chopping

Source: MarketWatch

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