Fossil Energy – Statfjord Partner
Equinor has entered into an agreement to divest 28% working interest in PL037 (Statfjord area) to OKEA with an effective date 1 January 2023.
The total consideration is USD 220 million plus a contingent payment element based on oil and gas prices over a 3-year period. A 28% working interest in PL037 gives 23.9% in Statfjord Unit, 28% in Statfjord Nord, 14% in Statfjord Øst Unit and 15.4% in Sygna Unit.
“With this transaction, we continue to optimize our oil and gas portfolio, welcoming an industrial player with late-life expertise into the Statfjord partnership. This will contribute to diversification and high value-creation from the Statfjord area in the years to come,” said Camilla Salthe, senior vice president for Field Life Extension, FLX.
FLX is a unit within Equinor that is responsible for safe and efficient operations of late life assets through new ways of working.
“Taken together with the recent acquisitions from Wellesley in Norway, the transaction demonstrates Equinor’s approach to long term portfolio optimisation and high-grading,” adds Salthe.
The closing of the transaction is subject to customary government approval and is expected to be completed in fourth quarter of 2023.