Statoil increases its equity in the Valemon project through an asset swap with Total. Statoil and Total E&P Norge AS have signed a sales and purchase agreement whereby Statoil acquires Total’s full share in the Valemon unit, 2.5% (5% in PL193B and carve-out of PL193) for a transfer of a 2.0% share in Hild (PL040, PL043 and PL043BS) to Total.
Statoil regards this as a natural increase and consolidation in a Statoil-operated asset in acore area on the Norwegian continental shelf with an interesting upside.
The transaction is an example of active portfolio management as a core measure to enhance value creation.
The Valemon project is progressing according to plan. First production is expected in Q4 2014. Expected peak production is 68,000 boe per day.
Statoil’s equity in the Valemon unit will increase from 64.28% to 66.78% post a successful execution of the agreement.
The transaction is subject to relevant government approvals. Valemon licensees are Statoil (operator – 64.275%), Petoro (30%), Enterprise Oil Norge (3.225%) and Total (2.5%).
Source: Statoil, November 4, 2011