Interests acquired near Sleipner

June 10, 2003, 12:00 CEST

Interests in production licences 029B and 241 in the southern part of the Norwegian North Sea have been acquired by Statoil through a deal with Esso.

029B is located in block 15/6, north of the Sleipner West field, while 241 is in block 15/9, just south of Sleipner West.

"These represent exploration licences in a priority area for Statoil, particularly as they could provide more feedstock for existing infrastructure on the Sleipner field," says Lars Jan Jaarvik, exploration manager for the Troll-Sleipner area.

Earlier this spring the group purchased Shell's interests in the two Esso-operated licences 001B and 028B in the same area.

"We are now strengthening our position in this area further, and will be a key player alongside Esso. We will join forces in exploring and later developing new finds in the area," reports Mr Jaarvik.

In this transaction Statoil will take over 50 per cent of licence 029B and 15 per cent of 241, increasing its share in the latter from 35 per cent. Both licences will therefore be owned 50/50 by Statoil and Esso.