Statoil Closes Acquisition of Martin Linge and Garantiana Stakes

Statoil and Total have completed their transaction whereby Statoil has acquired Total’s equity stakes in the Martin Linge field and the Garantiana discovery on the NCS.

As a part of the transation Statoil has taken over the operatorships of Martin Linge and the Garantiana.

Statoil now has 70% interest in Martin Linge and 40% in Garantiana.

121 employees from Total have been transferred over to Statoil in accordance with the Sale and Purchase Agreement and applicable legislation, Statoil noted.

Martin Linge is an oil and gas field under development west of the Oseberg field in the North Sea, with estimated recoverable resources in excess of 300 million barrels oil equivalent.

Martin Linge is being developed with a manned wellhead platform. The jacket substructure is already installed on location in the North Sea, while the topside is being completed at the Samsung yard in South-Korea and will be transported to Norway early 2018.

Garantiana is an oil discovery north of the Visund field in the North Sea with a recoverable resource potential between 50 to 70 million barrels oil equivalent. Development concepts are currently being evaluated.