Statoil has signed an agreement to acquire Total’s equity stakes in the Martin Linge field (51%) and the Garantiana discovery (40%) located on the Norwegian continental shelf (NCS) for a sum of $1.45bn.

Statoil will also take over the operatorships of both assets, as well as assume employment of the associated Total staff in accordance with the applicable legislation under the deal.

In addition, Statoil will also procure the remaining tax balances as a result of the transaction, which comprise a nominal post-tax value of more than $1bn.

“The Martin Linge project features innovative solutions to enhance safety, capture value and reduce emissions, in line with our strategy.”

Statoil Development & Production Norway executive vice-president Arne Sigve Nylund said: “This transaction adds competitive growth assets to our portfolio on the Norwegian continental shelf.

“The Martin Linge project features innovative solutions to enhance safety, capture value and reduce emissions, in line with our strategy.”

Martin Linge is located in the west of the Oseberg field in the North Sea and is estimated to contain recoverable resources of more than 300 million barrels oil equivalent.

Production at the site is expected to begin in the first half of 2019.

Martin Linge is currently being developed with a manned wellhead platform and the jacket substructure has already been installed at the site.

The topside is under construction at the Samsung yard in South Korea and is anticipated to be delivered to Norway next year.

The field will be controlled remotely from an onshore digital operations centre, which will contribute to significant reductions in operational expenditure.

Garantiana is situated towards the north of the Visund field in the North Sea and features a recoverable resource potential between 50 to 70 million barrels oil equivalent.

Development concepts are currently being evaluated for the field.

The deal is subject to certain conditions, including government approval.

It will see Statoil acquire have 70% interest in the Martin Linge field and 40% interest in the Garantiana discovery upon completion.

The transaction is expected to be finalised next year.