Statoil, Total to swap interests off Norway

By OGJ editors

Statoil and Total E&P Norge AS have signed an agreement to swap interests in Valemon natural gas and condensate field and Hild oil and gas field, both under development in the Norwegian North Sea.

Statoil will receive Total’s 2.5% Valemon interest. Total will receive a 2% interest in Hild from Statoil.

Statoil expects to start production from Valemon field, in 135 m of water between Kvitebjorn and Gullfaks South fields about 160 km west of Bergen, in 2014 (OGJ Online, June 10, 2011).

New Valemon interests will be Statoil (operator) 66.78%, Petoro 30%, Enterprise Oil Norge 3.225%.

Hild is about 160 km offshore, 42 km west of Oseberg field, in 100-120 km of water (OGJ Online, Sept. 29, 2011).

Interests after the transaction will be Total (operator) 51%, Petoro 30%, and Statoil 19%.

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