Ormen Lange redetermination process concluded

abarrelfullabarrelfull wrote on 07 Jun 2013 11:53
Tags: europe norway statoil upstream

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After a redetermination process in the Ormen Lange Unit in the Norwegian Sea, Statoil’s (OSE: STL, NYSE: STO) revised ownership share in the unit will be 25.35%.

Statoil’s ownership share in the unit has been adjusted down by 3.57% percentage points from today’s ownership share of 28.92%.

In accordance with the Unit Operating Agreement a redetermination process has been concluded in the Ormen Lange Unit. The purpose has been to review and where relevant revise and re-allocate each unit owners’ equity share and capex in the Ormen Lange unit in accordance with the reservoir performance and updates after the field came on stream in 2007.

In order to both reflect the new ownership share and compensate for previous overlift Statoil will be attributed 19.01% of the dry gas production in the period 1 July 2013 to 1 July 2015, and 12.68% from 1 July 2015. The make up period is expected to be finalised during first half 2016.

The corresponding share of condensate production will be 12.68% from 1 September 2013. The make up period for condensate is expected to be finalized in 2015.

Statoil production for the second half of 2013 is estimated to be negatively impacted by around 40 000 barrels of oil equivalent per day.

A settlement will be made to take into account the accumulated investments in the field for which Statoil will be compensated

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