April 30, 2018 / 7:08 AM / 3 months ago

BRIEF-Statoil sells 17 pct stake in UK's Alba field to Verus

April 30 (Reuters) - Statoil ASA:

* STATOIL: SELLS NON-CORE ASSET ON UK CONTINENTAL SHELF

* STATOIL HAS AGREED TO SELL ITS 17% NON-OPERATED INTEREST IN ALBA OIL FIELD ON UK CONTINENTAL SHELF (UKCS) TO VERUS PETROLEUM

* ALBA IS AN OIL FIELD IN UK CENTRAL NORTH SEA THAT STATOIL ENTERED IN 1995 AND WHICH IS OPERATED BY CHEVRON

* TO DATE, IT HAS PRODUCED AROUND 420 MILLION BARRELS OF OIL. STATOIL’S EQUITY PRODUCTION IN 2017 WAS AROUND 2,300 BARRELS PER DAY

* WITH THIS TRANSACTION WE FOCUS ON CORE ACTIVITIES IN LINE WITH OUR HIGH VALUE, LOW CARBON STRATEGY

* COMMITTED TO A BROAD ENERGY PORTFOLIO IN UK, WITH OFFSHORE OIL & GAS AND OFFSHORE WIND PROJECTS, AN ACTIVE EXPLORATION PROGRAMME ON UKCS, AND SECURE SUPPLIES OF NATURAL GAS

* AS PART OF AGREEMENT, STATOIL WILL RETAIN ITS SHARE OF DECOMMISSIONING LIABILITIES FOR EXISTING FIELD INFRASTRUCTURE WHILE VERUS PETROLEUM WILL ASSUME DECOMMISSIONING LIABILITIES FOR ANY NEW INFRASTRUCTURE

* EFFECTIVE DATE OF TRANSACTION IS 1 JANUARY 2018. CLOSING IS SUBJECT TO PARTNER AND REGULATORY APPROVAL Source text: bit.ly/2w05FPO Further company coverage: (Reporting By Terje Solsvik)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below