Oil and gas company Statoil said is has received an expert calculation of revised tract participations for the $3.5bn deepwater Agbami oilfield project in Nigeria.

According to the company, the calculation will result in a reduction of 5.17% in Statoil’s equity interest in the field, from the existing 20.21% to 15.04%, assuming implementation.

Earlier, the company initiated arbitration proceedings to set aside interim decisions made by the expert.

"Statoil said it is evaluating its position, as well as the arbitration tribunal’s decision."

The arbitration tribunal has declined to set aside the decisions.

At present, Statoil said it is evaluating its position, as well as the arbitration tribunal’s decision.

So far, the company has made an accrual of Nkr7.5bn ($864m) and, assuming implementation, it will have to compensate other equity owners at the Agbami field for around Nkr1.6bn ($184m), in addition to the accrual as of the end of the third quarter.

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Operated by Star Deep Water, an affiliate of Chevron, the Agbami field has been developed with subsea wells, connected to a floating production storage and offloading vessel (FPSO), with production commencing on 29 July 2008.

The field is located in licences OML 127 and OML 128, 110km off the Nigerian coast.

Agbami was discovered in late 1998, and was the second major deepwater oil field discovered off the Niger Delta, the first being the Bonga Field, discovered by Shell.