BP Amoco, operator of Ula and Gyda, is to acquire the Statoil-owned oil pipeline linking these Norwegian North Sea fields with the Ekofisk Centre.
With a daily capacity of roughly 250,000 barrels, the line was laid by Statoil in 1986 from Ula – in which it then had an interest – to Ekofisk. A spur to Gyda came on stream in 1992.
Statoil as sole pipeline owner has earlier been in dispute with the Ula and Gyda licensees over tariffs for transporting their oil.
The two sides have now found a good commercial solution to an issue which had been difficult for them, says Peter Mellbye, executive vice president for European Gas at Statoil.
"This divestment fits our strategy of selling assets in order to reinvest in our core areas," Mr Mellbye adds.
In the same way, BP Amoco is strengthening its position at the southern end of Norway's continental shelf.
Buyer and seller will now frame a letter of intent for submission to the authorities, with BP Amoco scheduled to take over the line with effect from January.
Statoil will remain operator until a final agreement has been concluded, which could take up to five months. The price is being treated as confidential.