Statoil, Repsol pen several asset swap deals

Norway’s and Spain’s largest oil companies, Statoil and Repsol, respectively, have announced several transactions in Norway, UK, Brazil and US.

Under the transaction announced on Friday, Repsol will acquire a fifteen percent stake in Statoil’s Gudrun field offshore Norway. Statoil will stay operator with 36 percent stake.

At the same time, the Norwegian energy company will acquire from Repsol a 13% interest in the Eagle Ford joint venture in the US and become its sole operator. Repsol will retain a 37% interest.

Both transactions are valued at the same amount.

Furthermore, Statoil will acquire a 31% equity share in the UK licence for Alfa Sentral, held by Talisman–Sinopec UK, for approximately $20 million. Alfa Sentral spans the UK-Norway maritime border. Statoil says that the field is a priority project for Statoil and its development, as a tie back to the existing Sleipner infrastructure, will help to prolong and develop further the Sleipner area in Norway.

Statoil will also assume operatorship of the BM-C-33 licence in Brazil’s Campos basin, pending approval from authorities and licence partners. According to Statoil, this will allow Statoil to use its deep-water and gas experience to develop the BM-C-33 discoveries. The licence contains the high impact discovery in the Pão de Açúcar prospect made in the BM-C-33 licence in 2012. Total estimated block resources have been estimated at around 700 million barrels of light crude and 3 trillion cubic feet of gas.

„We are delighted to be deepening our relationship with Repsol. In the current challenging market environment, these are innovative, value-enhancing transactions which will help control costs and strengthen Statoil’s portfolio for the long term”, said John Knight, Statoil’s Executive Vice-President for Global Strategy & Business Development.

Offshore Energy Today Staff