Norway-based Statoil has announced a series of transactions with Spanish oil industry company Repsol for the exchange of stakes in offshore fields in Norway, the UK, the US and Brazil.
The series of deals entitles the Norwegian firm’s operator controls across priority areas and allows it enhanced control for asset development and costs through shared efficiencies.
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Under the terms of the deal, Repsol will acquire a 15% interest in Norwegian oil-producing Gudrun field along the continental shelf.
Statoil will continue to be the operator and largest equity holder of the asset with a 36% stake.
The firm will be taking over a 13% interest in the Eagle Ford joint venture from Repsol and become its sole operator. Repsol will hold a 37% share in the asset, which is located in south-east Texas, US.
Statoil will also acquire a 31% stake in the UK licence for Alfa Sentral field, which spans the UK-Norway maritime border, for $20m. However, this deal awaits Repsol partner approvals.
The firm will also operate the BM-C-33 licence in Brazil’s Campos basin in agreement with its licence partners. This transaction is also pending authority approvals.
Statoil global strategy and business development executive vice-president John Knight said: "In the current challenging market environment, these are innovative, value-enhancing transactions, which will help control costs and strengthen Statoil’s portfolio for the long term."
