Statoil Sells Stake in Tyrihans

Statoil has sold its 7.9% stake in the Tyrihans field to Norsk Agip. The field is located in the Halten Bank area of the Norwegian North Sea. In addition to serving as operator for production licenses 073 and 091, which embrace this discovery, the group originally had stakes of roughly 55 percent in both production licenses.

The transaction is based on an option agreement with Norsk Agip concerning equity harmonization between the Tyrihans licensees in relation to the nearby Asgard and Kristin fields.

Harmonizing interests in Halten Bank fields and licenses forms part of an integrated Statoil plan for the area.

The aim is to simplify decision-making processes and field operations in order to enhance further development in this part of the Norwegian continental shelf. Positive results were achieved with the latest well in Tyrihans, which was drilled in the autumn of 2002. Oil and gas have previously been proven in Tyrihans South, located in PL 073, and Tyrihans North. The latter lies in PL 091. Plans currently under consideration call for early development of these discoveries as satellites of Asgard or Kristin.

Following the present transaction, which is subject to approval by the Norwegian authorities, Statoil will be left with 47.1 percent of PL 091 and 46.767 percent of PL 073.

Norsk Agip will have 7.9 percent and Norsk Hydro 12 percent in each license, while ExxonMobil retains 33 percent in PL 091 and Total continues to hold 33.333 percent of PL 073.