Statoil, Total Agree to Barents Sea Asset Swap

Statoil reported Monday that it has agreed on an asset swap with France's Total in the Barents Sea.

Statoil said that it will acquired a 10-percent interest in Norwegian production license 535 in exchange for Total taking a 10-percent equity in PL395.

The two production licenses are situated on the Bjarmeland Platform in the central Barents Sea, where both companies have found gas resources: the Ververis discovery on PL395 in 2008 and the Norvarg discovery in PL535 in 2011.

"The Bjarmeland area has an interesting resource potential which may become important for future gas developments in the Barents Sea. We believe that this transaction creates an interesting platform for future opportunities in this area," Gro Haatvedt, Statoil’s senior vice president for exploration in Norway, commented in a company statement.

The agreement is subject to approval by the Norwegian Ministry of Petroleum and Energy.

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