Adjustment of Grane Interests
In accordance with the agreement between the partners on the Grane field in the North Sea the distribution of interests in production licences PL001 and PL169B1 has been updated.
The resource allocation
between the two production licences was decided by expert opinion. Production licence PL001 now accounts for 22.82% of the Grane Unit, whereas PL169B1 accounts for 77.18%.
Following the adjustment the distribution of interests in the Grane Unit for the partners is as follows:
StatoilHydro from 38.0% to 36.6605%
Petoro from 30.0% to 28.9425%
ExxonMobil from 25.4% to 28.2226%
ConocoPhillips from 6.4% to 6.1744%
StatoilHydro's interest is thus reduced by 1.3395 percentage points compared with the company's current stake.
Production and costs will be reallocated in accordance with the new distribution of interests in the Grane Unit. The implementation of this adjustment is subject to government approval.
Located in the North Sea the Grane field came on stream on 23 September 2003.
The field is producing crude oil that is transported from the Grane platform to the Sture terminal near Bergen. It is stored in large rock caverns before being shipped to global markets.
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