Statoil Announces Series of Transactions with Repsol
December 11 2015 - 3:11AM
Dow Jones News
By Dominic Chopping
Norway's Statoil ASA (STO) Friday announced a series of
transactions with Spain's Repsol S.A. (REP.MC) in Norway, the U.K.,
U.S. and Brazil that will see the number of Statoil's operatorships
increase in priority areas, providing greater control of asset
development and costs through shared efficiencies.
Statoil will sell a 15% interest in the Gudrun field on the
Norwegian Continental Shelf to Repsol, but will remain the operator
and largest equity holder with a 36% interest.
The Norwegian oil major also plans to acquire a 31% equity share
in the U.K. licence for Alfa Sentral, a field which spans the
UK-Norway maritime border, and will acquire a 13% interest in the
U.S. Eagle Ford joint venture from Repsol, becoming sole
operator.
The final deal sees Statoil assume operatorship of the BM-C-33
licence in Brazil's Campos basin, pending approval from
authorities.
"In the current challenging market environment, these are
innovative, value-enhancing transactions which will help control
costs and strengthen Statoil's portfolio for the long term," said
John Knight, Statoil's Executive Vice-President for Global Strategy
& Business Development.
Financial details weren't disclosed.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
December 11, 2015 02:56 ET (07:56 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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