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Svenska sells stakes

January 16, 2004, 10:00 CET

Sweden’s Svenska Petroleum has sold its holdings in two Statoil-operated fields to the group – 1.24 per cent of Snøhvit in the Barents Sea and 0.21 per cent of Huldra in the North Sea.

The processing plant for Snøhvit gas at Melkøya is due to be ready in 2006. (Photo: Eilliv Leren)

“We have great faith in the Barents Sea and see Snøhvit as the first step in an industrial development of the whole area,” says Tor Helge Hetland in Statoil’s department for strategy and portfolio development.

“The acquisition from Svenska Petroleum not only boosts our share of reserves and production but also strengthens our position as operator.”

He adds that the group is well satisfied with the conditions for the purchase.

Snøhvit lies 140 kilometres north-west of Hammerfest in Norway’s far northern county of Finnmark, and is due to come on stream in 2006 from a subsea development.

The gas will be piped to Melkøya island just outside Hammerfest for liquefaction and export in liquefied form.

Acquiring Svenska Petroleum’s stake in Huldra also strengthens Statoil’s position as operator and simplifies the decision-making structure for this field.

Following these purchases, the group has 23.53 per cent of Snøhvit and 19.87 per cent of Huldra.