Mubasher: Statoil has agreed to purchase stakes in two Norwegian oil assets from Total for an overall value of $1.45 billion, MarketWatch said.
This step will expand Statoil's presence in Norway with fields offering low production costs, allowing the company to boost synergies from existing infrastructure in the area.
On Thursday, the deal was announced, rising Statoil's interest in the Martin Linge field to 70% from 19%.
“The North Sea field has estimated recoverable resources in excess of 300 million barrels of oil equivalent, with production expected to start in the first half of 2019 and run into the 2030's,” MarketWatch added.
As a result of the acquisition, Statoil will receive remaining tax balances with a nominal post-tax value of more than $1 billion, it noted.
The Garantiana discovery has a recoverable resource target ranging from 50 million to 70 million barrels of oil equivalent.
“Statoil has bought Total's 40% stake in Garantiana. Prior to the deal, Statoil had no interest in the discovery,” MarketWatch said.
Following this transaction, Statoil will become the main operator of both assets.
