Grane Oil Field's Partners Shuffle Distribution Interests


Grane Production Platform
(Click to Enlarge)

In accordance with the agreement between the partners on the Grane field in the North Sea the distribution of interests in production licenses PL001 and PL169B1 has been updated.

The resource allocation between the two production licenses was decided by expert opinion. Production license PL001 now accounts for 22.82% of the Grane Unit, whereas PL169B1 accounts for 77.18%.

Following the adjustment the distribution of interests in the Grane Unit is as follows:

partners
From
To
StatoilHydro
38.0%
36.6605%
Petoro
30.0%
28.9425%
ExxonMobil
25.4%
28.2226%
ConocoPhillips
6.4%
6.1744%

 

StatoilHydro's interest is thus reduced by 1.3395 percentage points compared with the company's current stake.

Production and costs will be reallocated in accordance with the new distribution of interests in the Grane Unit. The implementation of this adjustment is subject to government approval.

Located in the North Sea the Grane field came on stream on September 23, 2003.

The field is producing crude oil that is transported from the Grane platform to the Sture terminal near Bergen. It is stored in large rock caverns before being shipped to global markets.

 

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