Svenska Sells Stakes in Two Fields to Statoil

Sweden's Svenska Petroleum has sold its holdings in two Statoil-operated fields to the group – 1.24 percent of Snøhvit in the Barents Sea and 0.21 percent of Huldra in the North Sea.

"We have great faith in the Barents Sea and see Snøhvit as the first step in an industrial development of the whole area," says Tor Helge Hetland in Statoil's department for strategy and portfolio development.

"The acquisition from Svenska Petroleum not only boosts our share of reserves and production but also strengthens our position as operator."

He adds that the group is well satisfied with the conditions for the purchase. Snøhvit lies 140 kilometers north-west of Hammerfest in Norway's far northern county of Finnmark, and is due to come on stream in 2006 from a subsea development. The gas will be piped to Melkøya island just outside Hammerfest for liquefaction and export in liquefied form.

Acquiring Svenska Petroleum's stake in Huldra also strengthens Statoil's position as operator and simplifies the decision-making structure for this field.

Following these purchases, the group has 23.53 percent of Snøhvit and 19.87 percent of Huldra.