Sleipner

JX Nippon Exploration and Production has agreed to sell its entire 45% working interest in UK licence P312 Block 16/18a to Statoil (UK).

The agreement will also see transferring the block’s licence operatorship, which consists of a part of the Utgard gas and condensate field in the North Sea.

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Previously known as the Alfa Sentral field, Utgard spans the UK-Norway median line in the North Sea and was discovered in the 1980s.

A part of the Utgard Field is located in the Norwegian Continental Shelf (NCS) licence PL046 operated by Statoil.

Statoil is the existing partner in the UK licence.

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"Utgard spans the UK-Norway median line in the North Sea and was discovered in the 1980s."

JX Nippon said that the sale is being carried out as a part of the fundamental revision of its upstream portfolio and optimisation of the investment level, which has been designed to improve financial performance.

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Upon closing of the transaction, subject to regulatory approvals, Statoil’s interest in UK licence P312 will be increased to 100%.

The company operates in the NCS licence PL046 with a 62% holding.

Utgard is planned to be developed as a tie-back to existing infrastructure on the NCS for Sleipner operated by Statoil.

A final investment decision for Utgard is set to take place before the end of this year and production is expected to begin in 2020.

Image: The Sleipner field in the North Sea. Photo: courtesy of Øyvind Hagen / Statoil.