Statoil Acquires JX Nippon Utgard Stake

Statoil has acquired JX Nippon’s 45 percent equity share in, and operatorship of, the UK license for the Utgard field.

Through this transaction Statoil now has a 100 percent interest in UK Continental Shelf license P312, which, alongside Norwegian Continental Shelf license PL046, comprises the Utgard field. Statoil previously acquired stakes in P312 from First Oil in October 2015 and Talisman Sinopec in December 2015.

Statoil is the operator of PL046 with a 62 percent holding. A final investment decision for Utgard is planned before end-2016 with production start-up scheduled in 2020.