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

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...