The French company Total has agreed to sell its entire interests in the Martin Linge field (51%) and in the Garantiana discovery (40%) on the Norwegian Continental Shelf (NCS) to Statoil for US$1.45bn (€1.22bn). The transaction remains subject to final due diligence and approval from the Norwegian authorities and is scheduled to be completed in 2018, when Statoil will take over as operator.
Martin Linge is an offshore oil and gas field in the Norwegian North Sea, which is currently under development west of the Oseberg field on the NCS. Its estimated recoverable resources amount to approximately 300 Mboe and the start of production is expected for the first half of 2019. Following the completion of the deal, Statoil will increase its stake in the field from 19% to 70%.
The Garantiana discovery is located north of the Visund field on the NCS and holds a recoverable resource potential 50 to 70 Mboe.