Statoil, Repsol negotiate North Sea, Brazil license deals

Offshore staff

STAVANGER, Norway – Statoil and Repsol have executed license swap deals for four assets in Europe and the Americas.

In the Norwegian North Sea, Statoil will transfer to Repsol a 15% interest in the Gudrun field, which came onstream in April 2014 via a fixed platform exporting production through the Sleipner infrastructure.

Gudrun is a high-pressure/high-temperature reservoir with remaining reserves estimated at 130 MMboe. Current production is around 75,000 boe/d.

Pending partner approval, Statoil will acquire from Repsol a 31% equity share in the UK North Sea license for the 60-MMboe Alfa Sentral gas/condensate field, which spans the UK-Norway maritime border.

Statoil operates Norwegian North Sea license (PL046) with a 62% holding and acquired a 24% interest in the adjoining UK license P312 from First Oil in October.

Assuming this deal is approved Statoil will become the largest equity holder in the Alfa Sentral field in both the UK and Norway licenses, increasing its share of the resource base and the field’s potential future profitability. Statoil views this as a priority project for development as a tieback to the Sleipner infrastructure, thereby prolonging the lives of the facilities in the Sleipner area to 2030.

Offshore Brazil, Statoil will assume operatorship of the BM-C-33 exploration license in Brazil’s Campos basin, again subject to approval from the authorities. This includes the Pão de Açúcar, Gavea, and Seat discoveries.

In 2012 the partners estimated resources across the block at around 700 MMbbl of light crude and 3 tcf of gas. An ongoing appraisal campaign should clarify the discovered potential.

12/11/2015

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