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.


Share your news with Offshore at

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


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...