Norway: Total, Statoil in Asset Swap Deal

Norway: Total, Statoil in Asset Swap Deal

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

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply