Statoil Agbami motion rejected

Offshore staff

STAVANGER, Norway – Statoil has received an expert calculation of revised tract participations for the deepwater Agbami field offshore Nigeria.

If implemented, this would lower Statoil’s equity interest in the field from 20.21% to 15.04%.

Previously the company initiated arbitration proceedings to set aside interim decisions made by the expert. However, the arbitration tribunal has declined to set aside these decisions.

Statoil is currently assessing its position. To date the company has made an accrual of NOK7.5 billion ($880 million). If the ruling goes ahead, it will be obliged to pay compensation of around NOK1.6 billion ($187 million) to other Agbami partners, in addition to the accrual as of end-3Q 2015.

11/06/2015

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