Troll redetermined

September 30, 1999, 10:00 CEST

A revised divison of Troll has slightly reduced Statoil's overall interest in this giant Norwegian oil and gas field.

The new determination of interests for the two licences covering the discovery required production licence 054 to yield 0.72 per cent to PL 085.

Statoil's share of a redetermined Troll has accordingly been reduced by 0.065 per cent - from 11.880 to 11.815 per cent.

The state's direct financial interest (SDFI) in the offshore sector has seen its holding rise by 0.231 per cent.

Troll covers North Sea blocks 31/2, 31/3, 31/5 and 31/6, with PL 054 awarded the first of these and PL 085 holding the other three.

The unitisation deal originally assumed that PL 085 embraced 68 per cent of the field's overall oil and gas reserves.

According to the agreement, one or more of the licensees can call for the distribution of reserves between the two groups to be redetermined several times during the field's producing life.

Norsk Hydro and Saga Petroleum requested a revision in January 1998, but the partners themselves failed - as expected - to reach agreement between themselves.

They therefore appointed the Scott Pickford consultancy as an independent expert, which reached a final decision on 14 September.

Norsk Hydro has seen its share of the field increase by 0.029 per cent, while Saga's interest is up by 0.043 per cent.

Other licensees in the unitised field are Norske Shell, Elf Petroleum Norge, Norske Conoco and Total Norge.

The financial consequences of the change are currently being calculated, reports Per-Åge Pedersen in Statoil's Troll organisation, who has been project manager for the redetermination.

Licensees receiving larger shares of the field must pay a proportionately increased slice of earlier investment in the field to those with reduced holdings. This process is due to be completed at the end of October.