Arctic Exploration: Statoil, OMV swap stakes in Barents Sea licenses

Source: Statoil

Statoil (NYSE:STO) and OMV in Norway have entered into an agreement regarding swap of interests in two licences in the Barents Sea

Statoil will take over 15 percent of OMV's 40 percent interest in production license 537. The license was awarded in the 20th licensing round in 2009 with OMV as the operator. 

Statoil previously had no ownership interest in the license. 

In return, OMV will take over 30 percent of Statoil's 80 percent interest in production license 393B, where Statoil will maintain 50 percent interest as the operator. 

"We consider this area in the Barents Sea interesting and are very pleased to have secured a stake in this license," says Gro Gunleiksrud Haatvedt, vice president for exploration on the Norwegian continental shelf in Statoil. 

"The Barents Sea is a strategically important area for Statoil, and this agreement further strengthens our position in the area, at the same time as we reduce our exposure in license 393B," she says. 

The agreement has been approved by the authorities.

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