Statoil Secures Additional Stake in Utgard Field UK License
Statoil has agreed to acquire JX Nippon’s 45 percent equity share in, and operatorship of, the UK license for the Utgard field.
Following the transaction Statoil will increase its holding in UK license P312 to 100 percent, having previously acquired stakes from First Oil in October 2015 and Talisman Sinopec in December 2015. Statoil is the operator of Norwegian Continental Shelf license PL046 with a 62 percent holding.
Utgard, previously known as Alfa Sentral, is a gas and condensate field spanning the UK-Norway median line. It is planned to be developed as a tie-back to existing infrastructure on the Norwegian Continental Shelf for Sleipner, which Statoil operates. A final investment decision for Utgard is planned before end-2016 with production start-up in 2020.
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