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.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”