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  <h1>Varg stake sold</h1> 
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    <div class="date-module"> <span class="date_module-icon fa fa-calendar"></span> <span>March 18, 2002, 09:00 CET</span> 
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     <p>The 28 per cent interest held by Statoil in the Varg field in the Norwegian North Sea has been sold to operator <a href="http://www.pgs.com/" target="_blank">Petroleum Geo-Services</a> (PGS).</p> 
     <p>Under this agreement, PGS is due to take over the holding in production licence 038 with effect from 1 August.</p> 
     <p>The transaction will leave that company with 70 per cent of the licence, while Petoro (for the state’s direct financial interest) holds 30 per cent.</p> 
     <p>“This sale marks another step towards concentrating our efforts on our defined core areas,” comments Øyvind Bratsberg, senior vice president for Statoil’s Troll-Sleipner business cluster.</p> 
     <p>The deal is subject to the necessary approvals being obtained from the Norwegian authorities.</p> 
     <p>Varg is being produced via an unstaffed wellhead platform and the <em>Petrojarl Varg</em> production ship. PL 038 lies in block 15/12, 32 kilometres south of Statoil’s Sleipner fields.</p> 
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