CVX Chevron Corporation

   By Dominic Chopping 
 

Norway's Statoil said Monday that it has agreed to sell its 17% non-operated interest in U.K. oil field Alba to Verus Petroleum.

Statoil will retain its share of the decommissioning liabilities for the existing field infrastructure while Verus Petroleum will assume decommissioning liabilities for any new infrastructure.

Financial details weren't disclosed.

Chevron Corp. (CVX)-operated Alba is in the U.K. Central North Sea that Statoil entered in 1995. To date, the field has produced around 420 million barrels of oil. Statoil's equity production in 2017 was around 2,300 barrels per day.

"With this transaction we focus on core activities in line with our high value, low carbon strategy," said Hedda Felin, Statoil's senior vice president for U.K. & Ireland offshore activities.

The deal is subject to partner and regulatory approval.

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

April 30, 2018 04:41 ET (08:41 GMT)

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