MPE Maintains Decision to Cut Det Norske's Johan Sverdrup Stake

The Norwegian Ministry of Petroleum and Energy has maintained its decision, made in July 2015, to cut Det norske oljeselskap's stake in the Johan Sverdrup oil field, following an appeal made by the company earlier this year.

Based on an assessment carried out by the Norwegian Petroleum Directorate, the MPE decided in July to appoint Det norske a total ownership interest in the Johan Sverdrup field of 11.5733 percent. The stake marked a slight decrease from a proposed 11.89 percent, set in February. In MPE’s July apportionment decision, Statoil was assigned a 40.0267 percent interest in the field, and Lundin, Petoro and Maersk Oil were handed 22.6000 percent, 17.3600 percent and 8.4400 percent interests, respectively.

Det norske had argued that its part of the Johan Sverdrup field has more valuable oil and should therefore receive a greater share of the revenue from the asset’s eventual output. A Det norske representative told Rigzone that the company would take some time to read the MPE’s decision and explanation before the board decides to either accept the ruling or pursue another avenue to fight the apportionment.

Reuters contributed to this article

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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