Statoil ASA said it has received a calculation of revised tract participations for Nigeria’s offshore Agbami field that would lower its equity interest by 5.17%.
Statoil made the announcement after an arbitration tribunal declined to set aside an expert’s interim decisions. Statoil had initiated arbitration proceedings and is “currently assessing” its position.
If implemented, Statoil will have to compensate other equity owners at Agbami. Statoil said it has made an accrual of 7.5 billion kroner through the end of the third quarter and anticipates an additional 1.6 billion kroner. Statoil would retain 15.04% (OGJ Online, Aug. 1, 2008; Oct. 25, 2000).