Adjustment of Grane interests

January 12, 2009, 16:20 CET

The Grane platform in the North Sea. (Photo: Helge Hansen)

The resource allocation between the two production licences was decided by expert opinion. Production licence PL001 now accounts for 22.82% of the Grane Unit, whereas PL169B1 accounts for 77.18%.

Following the adjustment the distribution of interests in the Grane Unit is as follows:

partners From To
StatoilHydro 38.0% 36.6605%
Petoro 30.0% 28.9425%
ExxonMobil 25.4% 28.2226%
ConocoPhillips 6.4% 6.1744%

StatoilHydro's interest is thus reduced by 1.3395 percentage points compared with the company's current stake.

Production and costs will be reallocated in accordance with the new distribution of interests in the Grane Unit. The implementation of this adjustment is subject to government approval.

Located in the North Sea the Grane field came on stream on 23 September 2003.

The field is producing crude oil that is transported from the Grane platform to the Sture terminal near Bergen. It is stored in large rock caverns before being shipped to global markets.