Fossil energy – Statfjord
Equinor has entered into an agreement to acquire all of Spirit Energy’s production licenses in the Statfjord area which spreads across the Norwegian and UK Continental Shelves and are developed by three integrated production platforms (Statfjord A, B, C).
Both parties agreed on a total consideration of USD 50 million, plus a contingent payment linked to commodity prices for the period between October 2021 to December 2022 (1).
The transaction has a commercial effective date from 1 January 2021, which is expected to result in a net payment to Equinor at closing. Spirit Energy’s daily production from the Statfjord area in the third quarter of 2021 was around 21,000 boe per day.
The transaction is part of a larger deal including Spirit Energy’s shareholders, Centrica Plc and Stadtwerke München, who are exiting their portfolio in Norway and selling their assets to Sval Energi.
The sale to Sval Energi includes all assets with the exclusion of Statfjord which is instead sold directly to Equinor.
Statfjord is one of the earliest oil fields on the Norwegian Continental Shelf.