Norwegian oil firm Statoil has entered an agreement to acquire Hess‘s 3.26% interest in the Snøhvit Unit, the Hammerfest LNG plant at Melkøya and adjacent production licences in the Barents Sea.

As part of the agreement, Statoil will acquire a participation interest in PL110B, PL110C, PL448 and PL488.

Statoil will pay a total of Nkr1bn ($178m) for the transaction, subject to relevant government approvals.

Post-transaction of the Snøhvit Unit, Statoil will have a 36.79% stake, Petoro will have 30%, Total E&P Norge will hold 18.4%, GDF SUEZ E&P Norge will have 12% and RWE Dea Norge will hold 2.81%.