Statoil Sells Stake in Produciton License 251 Offshore Norway

An agreement to sell a 20 percent share in production license 251 in the Møre Basin area of the Norwegian Sea has been concluded by Statoil with UK-owned gas company BG Norge.

The farm-out will leave the group with 70 per cent of the deepwater license. Shell is the third licensee, holding 10 percent.

"We're currently drilling a wildcat in the Tulipan prospect in PL 251 with Eirik Raude," reports project manager Thomas Ladsten in Exploration & Production Norway.

"The results of this exploration well are due to be available during the autumn."

Located in block 6302/6, the well is being drilled in 1,260 meters of water a little to the west of the Ormen Lange gas field currently being developed by Norsk Hydro.

The PL 251 farm-out has been made to adjust Statoil's exploration portfolio. Bringing in more partners spreads the risk and reduces the group's exposure.

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