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Swapping interests with Total

June 18, 2004, 11:00 CEST

An agreement on swapping licence holdings on the Norwegian continental shelf has been concluded by Statoil with French oil company Total.

Under this deal, Total’s interests in the Statoil-operated Mikkel and Åsgard fields in the Norwegian Sea will be harmonised and the company also increases its share of Kristin.

At the same time, Statoil is acquiring a holding from Total in Hydro’s Tune development in the North Sea.

“Equalising interests provides clear operational benefits and simplifies decision-making structures,” says Thor Haakon Helgesen, senior vice president for Statoil’s Halten/Nordland area.

"This deal is a step in the right direction towards achieving such benefits.”

The agreement gives Total 7.65 per cent of Mikkel, identical to its current holding in Åsgard.

Total increases its share of Kristin by three per cent and equalises its holding in production licences 134, 199 and 257 which embrace this Norwegian Sea field.

A partial balancing of licence interests in the Oseberg area of the North Sea will also be achieved by the deal.

Statoil is to receive 10 per cent from Total in Tune, a satellite to Hydro’s Oseberg field. The gas discovery came on stream in October 2003.

This adjustment means that Total is fully equalised towards Oseberg, while Statoil becomes more balanced in the area.

In addition, Statoil will receive a cash payment.

After the transaction with Total, Statoil will have 33.97 per cent of Mikkel, 41.6 per cent of Kristin, and 10 per cent of Tune.

The deal is conditional on the approval of the Norwegian authorities.