Norwegian oil and gas company Statoil and Spanish oil and gas group Repsol have completed two of the transactions announced in December 2015 on asset swaps in Norway, the United Kingdom, the United States and Brazil.
In Norway, Statoil has transferred to Repsol a 15% interest in the Gudrun field on the Norwegian Continental Shelf; Statoil will remain the operator and largest equity holder with a 36% interest. Pending Repsol partner approval, Statoil will later acquire a 31% equity share in the UK licence for Alfa Sentral, a field which spans the UK-Norway maritime border.
In the United States, Statoil has acquired from Repsol a 13% interest in the Eagle Ford joint venture and becomes its sole operator. In agreement with its licence partners, Statoil will assume operatorship of the BM-C-33 licence in Brazil’s Campos basin, pending approval from authorities.
Once approved, the agreement on Alfa Sentral will increase Statoil’s holding in the UK licence for the field. It follows the transaction between Statoil and First Oil which was completed in November 2015. Statoil will become the largest equity holder in the Alfa Sentral field in both the UK and Norway licences, thus increasing its share of the resource base and its potential future profitability. The field is a priority project for Statoil and its development, as a tie back to the existing Sleipner infrastructure, will help to prolong and develop further the Sleipner area.