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Fortum farms into Mikkel

March 12, 2002, 08:00 CET

A seven per cent interest in the Mikkel gas and condensate field in the Norwegian Sea has been sold by operator Statoil to Finland’s Fortum energy company.

Statoil also farmed out a 7.9 per cent interest in Mikkel to Italy’s Agip in February. Agip and Fortum now have the same percentage holdings there and in Statoil’s nearby Åsgard development.

“These farm-outs are part of our strategy to align interests in the Halten Bank area,” says Thor Haakon Helgesen, senior vice president for Statoil’s Halten/Nordland business cluster.

He adds that this restructuring of holdings is intended to secure optimum development and profitable operation of fields in these waters.

Plans call for Mikkel to come on stream in the autumn of 2003, with the wellstream from the field being processed on the Åsgard B gas floater.

These transactions are conditional on approval by the authorities. Once this approval has been obtained, Statoil will retain 41.62 per cent in Mikkel. In addition to Fortum with seven per cent and Agip with 7.9 per cent, ExxonMobil will hold 33.48 per cent and Norsk Hydro 10 per cent.