BP and Statoil Agree North Sea Asset Exchange

abarrelfullabarrelfull wrote on 07 Aug 2012 06:50

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26 June 1997

Statoil and BP have reached agreements on equity transactions in the UK and Norway.
Subject to final Board and Governmental approvals in both countries, BP will assume Statoil's interests in three producing fields in the Norwegian sector of the North Sea, in return for Statoil accepting a mixture of BP's interests in the UK and Norway.

BP will take over Statoil's 12.5 per cent interest in the BP-operated Ula oilfield, its 20 percent interest in the BP-operated Gyda oilfield and 7.56 per cent out of Statoil's interest in the Draugen oilfield.

BP's interests* in those fields increases to 80 per cent in Ula, to 56 per cent in Gyda, and to 18.36 per cent in Draugen.

Ula currently produces on average a total of 38,000 barrels of oil a day (b/d), Gyda 45,000 b/d, and Draugen 175,000 b/d. The additional equity in these three fields adds 25,000 b/d to BP's current net production of about 65,000 b/d in Norway.

In return, Statoil will assume BP's 16.9 per cent interest in the Jupiter gas fields in the UK's southern North Sea. Statoil will take over BP's equity interest in Norway's Kvitebjørn gas field. Statoil will also take over BP's 3.9 per cent interest in the Glitne field (PL 048), where Statoil recently took over the operatorship from Norsk Hydro. Also included in the transaction is BP's interest in the Norwegian exploration licence PL 152 (block 33/12) in the Statfjord Area and its interest, including operatorship, in PL 196 (blocks 35/6 and 36/4) north of the Troll field.

Richard Olver, Chief Executive Designate of BP Exploration said: "We believe this to be a good deal for both BP and Statoil. Through this exchange of assets, BP strengthens its production profile with a substantially increased share in our core assets in Norway, including the BP-operated Ula and Gyda fields. This creates a robust base from which to grow our production in Norway through our current and future exploration activities."

Statoil's Executive Vice President Stig Bergseth said: "This is a transaction that contributes significantly to our stated goals of building further strength in our core areas in Norway and selected international areas. The Jupiter share takes our interest to 30% in the field. The added interest in the Statoil-operated Kvitebjørn gas field adds to Statoil's direct economic interest in Norwegian gas and further strengthens our position in one of our most important core areas. Also, the acquisition of a share in Glitne and the two exploration Licences are well aligned with our core area strategy."

*Includes Ula and Gyda equity being acquired from Norske Conoco.

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