StatoilHydro increase stake in subsea field Goliat in the Barents Sea
2008.10.13 -
Field Development
StatoilHydro ASA and Det norske oljeselskap ASA signed a sales and purchase agreement on 12 October for the transfer of Det norske oljeselskap’s 15% interest in the Goliat field (PL229, as well as PL229B and PL229C) to StatoilHydro ASA.
The purchase price is NOK 1.1 billion after tax. The transaction has effect from 1 January 2008.
StatoilHydro is the leading oil and gas company in the Barents Sea, having led the exploration efforts in the area since the early eighties and having developed the first oil and gas production facility through the Snøhvit LNG project and subsea project.
The development of Goliat is an important next step to realise the potential in the Barents Sea and the far north. This transaction will strengthen StatoilHydro’s position in the license and as a key player in a strategic core area.
StatoilHydro Petroleum AS and Det norske oljeselskap ASA have on the same date agreed on a swap where StatoilHydro will receive 10% interest in PL265 (the Ragnarrock discovery) in exchange for ceding its 10% interest in PL102 (excluding producing fields Skirne and Byggve) and its 57% interest (45% from StatoilHydro Petroleum AS and 12% from StatoilHydro ASA) in a carve-out area of PL169 to Det norske oljeselskap ASA.
The completion of the agreements is conditional upon governmental and partner approvals.
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