Licence stake near Oseberg

July 5, 2004, 08:00 CEST

A stake in production licence 309 in the Oseberg area of the North Sea is being acquired by Statoil from operator Norsk Hydro, currently the sole licensee.

Embracing six blocks, this licence was awarded to Hydro in 2003 on condition that it invited its partners in the Oseberg licence to participate with corresponding interests.

This was intended to ensure that a unitised division of licence holdings could be maintained in the area to the greatest possible extent.

Statoil is accordingly taking a 15.3 per cent interest in PL 309, corresponding to its proportion of the main Oseberg Unit. The transfer will be made without charge.

The other Oseberg licensees are expected to accept similar offers from Hydro, so that the division of interests in PL 309 will match that in the Oseberg Unit.

This transaction accords with Statoil’s strategy of securing the same percentage holding in all Oseberg area licences, including those in the exploration and development phase.