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Statoil strenghtens position on the Norwegian Shelf

Statoil has been given permission to purchase shares in the State's Direct Financial Interest in the Norwegian oil and gas resources (SDOE) worth NOK 38.6 billion, thereby increasing its production by 50 per cent. Statoil takes over SDOE-shares in the southern part of the North Sea, on the fields of Sleipner, Tampen, Troll, Haltenbanken and off the coast of Nordland and in the Barents Sea. Through this acquisition, Statoil will increase its production from nearly 700,000 barrels a day to more than 1 million barrels a day, Statoil Chief Olav Fjell says. The Government has therby sold off 15 per cent of its SDOE-shares. Another 6.5 per cent will be sold to Norsk Hydro and other companies later this spring, NRK reports.