Looking for a specific product?

Make a search for products & suppliers, articles & news.

Statoil strengthens UK heavy oil position

"Statoil has a lead position in the area being the operator for both the Mariner and Bressay fields. The increased ownership in Mariner gives an even stronger position in offshore heavy oil, a core area in Statoil’s international growth strategy," says executive vice president for International E&P, Peter Mellbye.

Statoil and Nautical Petroleum have today signed an agreement whereby Statoil will acquire 20.67% of Nautical Petroleum’s interest in UK offshore licence P335 containing the Mariner field.

This strengthens Statoil’s position as operator, and together with its 81.6% in Bressay gives Statoil a more aligned equity interest in the region.

Statoil’s share in Mariner after the transaction is 65.1 % and Nautical will retain a 6% participating interest.

Statoil will pay a total of GBP 87.5 million for the 20.67% share, plus a maximum GBP 3 million carry of Nautical’s costs through to the final investment decision.

Operatorship of the Mariner and Bressay fields was acquired in late 2007 with the objective to develop a production hub in a prolific heavy oil area.

Since the initial acquisition Statoil has drilled and tested one successful appraisal well at Bressay and executed two seismic operations at Mariner, confirming material volumes in the area.

The Mariner and Bressay fields have been established as individual development projects and Statoil is working towards an investment decision within 1-2 years.

The transaction is pending approval from partners and the UK authorities.

Statoil is an international energy company headquartered in Norway. It has more than 35 years of experience from oil and gas production on the Norwegian continental shelf and has operations in 40 countries at present.

In the UK Statoil pursues a broad range of activities relating to energy production and oil and gas sales. Statoil’s present interests comprise oil and gas production in three fields – Alba, Schiehallion and Jupiter – and equity in several exploration licences including the Rosebank, Tobermory, Amos and Suilven discoveries.

Associated companies:


Related news

Latest news

Eimskip strengthens its worldwide forwarding services by acquiring the logistics company SHIP-LOG A/S in Denmark

Eimskip has strengthened its position in worldwide logistics services by acquiring 75% of the freight forwarding company SHIP-LOG. 

For Sale Assets from the former BMV LAKSEVÄG YARD in Bergen, Norway!

For Sale Assets from the former BMV LAKSEVÄG YARD in Bergen, Norway! The entire shipbuilding and fabricating facility is closing and more than 500 lots is on sale.

Servogear CPP for Seasight II - Future of the Fjords

We are proud to announce that Servogear has been chosen for the delivery of Servogear...

TechnipFMC Signs Agreement with Pall to Supply Slurry Oil Filtration Systems for Fluid Catalytic Cracking Units

The associated activities will be managed by TechnipFMC Process Technology’s center in Houston,

10 Million kroner for verification funding

The Norwegian Research Council has granted 10 million...

Hilti acquires Oglaend System Group

Oglaend System’s headquarters will remain in Klepp, 

DOF Subsea AS ("DOF Subsea" or the "Company") today announces its intention to launch an initial public offering (the "IPO") of its ordinary shares and to apply for a listing on Oslo Børs

NOT FOR DISTRIBUTION OR RELEASE,

DOF Subsea North America extends charter for Jones Act Compliant vessel Harvey Deep Sea

The Harvey Deep Sea Vessel is a Multi-Purpose DPII Construction,

Untrue rumours about an on-going incident at the Halden Research Reactor in Norway

The Norwegian Radiation Protection Authority has become aware that stories about an ongoing incident involving a “meltdown” at the Norwegian Institute for Energy Technology (IFE) reactor situated in Halden are currently ci...