Norway’s Equinor has agreed to sell a 28% stake in PL037 in the Statfjord area offshore Norway to OKEA for an initial consideration of $220m.

The deal consideration also includes a contingent payment based on oil and gas prices over a period of three years.

The Statfjord Area comprises the Statfjord Unit, Statfjord Øst Unit, Statfjord Nord and Sygna Unit.

The Statfjord Unit development covers the Statfjord A, B and C platforms while the other fields are subsea developments that are tied-back to the main field platforms.

The deal covers a 23.93123% stake in Statfjord Unit, a 28% stake in Statfjord Nord, a 14% stake in Statfjord Øst Unit, and a 15.4% stake in Sygna Unit.

FLX, a unit within Equinor, Field Life Extension senior vice-president Camilla Salthe said: “With this transaction, we continue to optimise our oil and gas portfolio, welcoming an industrial player with late-life expertise into the Statfjord partnership. This will contribute to diversification and high value-creation from the Statfjord area in the years to come.”

With the acquisition, OKEA expects its production to be 3,000 – 15,000 boepd in 2023. Production is expected to increase to 16,000 – 20,000 boepd in 2024.

OKEA CEO Svein J Liknes said: “Through this acquisition, we are increasing production to well above 40,000 boepd in 2024, nearly three times higher than production at the time of launching our growth strategy in the fall of 2021.”

The transaction, which is subject to customary government approval, is planned to be completed in fourth quarter of 2023.

Salthe added: “We still have high expectations for Statfjord and by developing new ways of working we aim to extend the lifetime of the field towards 2040 and reduce emissions with 50% by 2030.”