Statoil acquired First Oil’s 24% share in the UK licence for the Alfa Sentral gas and condensate field in the central North Sea, in a deal worth $15m.
The 60Mmboe Alfa Sentral field located in blocks 15/8 and 16/18a is planned to be developed as a tie-back to the existing infrastructure for Sleipner on the Norwegian Continental Shelf (NCS) operated by Statoil.
Sleipner is the second largest gas machine in the North Sea.
According to the oil major, Alfa Sentral will increase the Sleipner facilities usage.
Statoil development and production Norway (DPN) operations south cluster senior vice-president Mette Halvorsen Ottøy said: "This transaction demonstrates the potential on both the UK and Norwegian side of the Continental Shelf.
"The acquisition of this Alfa Sentral licence increases the resource base and strengthens our efforts to further develop the Sleipner area towards 2030."
The deal is expected to close by the year-end, with Statoil acquiring a 24% interest in UK Continental Shelf (UKCS) licence P312.
P312 and licence PL046 on the NCS comprise the Alfa Sentral field.
PL046 is operated by Statoil with a 62% interest.
As a result of the deal, Statoil has deepened its presence on the NCS and the UKCS.
Concept selection for the project was carried out in September, with negotiations to unitise the field expected to begin soon.
Statoil plans a final investment decision for late-2016 with production start-up set to take place in 2020.
The field is planned developed with a four slots subsea template, and a 21km pipeline connecting the wells to the Sleipner T platform.
Image: Alfa Sentral is planned to be developed as a tie-back to the existing infrastructure for Sleipner on the NCS. Photo: © Statoil.