Wintershall, Statoil conclude offshore Norway asset transfer

Offshore staff

STAVANGER, NorwayWintershall has completed a deal to acquire various exploration and production interests from Statoil offshore Norway.

These include 5% and 24% respectively in the producing Gjøa and Vega fields, and operatorship of the Vega field (from end-March 2015). All three fields are in the North Sea. As a result, Wintershall expects to increase its production in Norway from about 40,000 boe/d to roughly 60,000 boe/d.

In addition, the company is taking a 24% stake in the Aasta Hansteen development project, 19% of the Asterix discovery, 13.2% of the Polarled pipeline project, and interests in four exploration licenses near Aasta Hansteen. All these assets are in the Norwegian Sea, with potential combined resources of about 170 MMboe.

Wintershall has paid $1.25 billion for the package, with a further payment of up to $50 million to follow once Aasta Hansteen has been developed in accordance with the current project plan.

Additionally both companies have agreed to cooperate in exploration in mid-Norway’s offshore Vøring basin.

In an unrelated development, Petroleum Safety Authority Norway has approved Wintershall’s plan to drill exploration well 6406/2-8 on the Imsa prospect in license PL 589 in the Norwegian Sea, using the semisubmersible Transocean Arctic.

The location is 15 km (9.3 mi) south of the Kristin field and 190 km (118 mi) northwest of Kristiansund in a water depth of 262 m (859 ft). Drilling, which could start this month, will likely last around 106 days, extendable by a further 61 days for well testing in the event of a discovery.

Statoil has PSA’s consent to drill exploration well 2/4-23 on the Julius prospect in block 2/14 in the southern Norwegian North Sea, 15 km (9.3 mi) north of the Ekofisk field and around 260 km (162 mi) from Lista. Water depth is roughly 68 m (223 ft).

Drilling is expected to start in late December and last 154 days, but this could be extended by a further 67 days if a side track well (2/4-23 A) follows.

12/02/2014

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