Contractors Unlimited

Statoil Strengthen UK Heavy Oil Position

Statoil logo Statoil and Nautical Petroleum have 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.

"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.

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.

Statoil (OSE: STL, NYSE: STO) 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 currently operations in 40 countries. Statoil is among the world's largest offshore oil and gas operators and is seen as a leader in technology and resource management. Statoil has 29,000 employees worldwide, and is listed on the New York and Oslo stock exchanges with a market capitalisation of approximately USD 70 billion. Equity production in 2009 was 1,962 000 boepd and booked reserves of oil and gas is reported at 5.4 billion barrels.

Published 29/09/2010

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