Statoil Could Lose 5% of Agbami Interest Following Expert Calculation

Statoil announced Friday that its equity interest in the Agbami field, located offshore Nigeria, could be reduced by 5.17 percent, following an expert calculation of revised tract participations for the field.

Assuming implementation, this calculation will result in Statoil’s equity interest in Agbami dropping from 20.21 percent to 15.04 percent and would mean the company would have to compensate other equity owners at Agbami around NOK 1.6 billion ($187 million).

Statoil previously initiated arbitration proceedings to set aside interim decisions made by the expert, although an arbitration tribunal declined to set aside the expert's interim decisions. Statoil is currently assessing its position in relation to the expert's decision and the decision of the arbitration tribunal.

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