First Schiehallion cargo sold

September 16, 1998, 09:00 CEST

The first Statoil cargo of 600,000 barrels of crude oil from Schiehallion west of Shetland has been sold.

Oil from this UK field, on stream since 28 July, is being marketed on the same terms as other Statoil crudes by the group's trading offices in Stavanger and London.

"This oil has attracted great interest in the market," says oil trader Lise-Gro Ekholdt at Statoil's trading office in Stavanger.

Due to be delivered to the customer in mid-October for refining in Europe, the first cargo will be shipped by shuttle tanker to the Sullom Voe terminal in Shetland for storage and transshipment.

Plateau production from the BP-operated field is expected to be close to 140,000 barrels per day. Statoil's six per cent interest will entitle it to roughly 9,000 daily barrels.

This means in practice that the group receives a consignment at intervals of two and a half months. These are likely to be sold as individual cargoes in the spot market.