Statoil says Agbami calculation would reduce stake by 5.17%

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).

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


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 ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...