Statoil Completes Sale of Varg Stake

The 28 percent interest held by Statoil in the Varg field in the Norwegian North Sea has been sold to Petroleum Geo-Services. Under this agreement, PGS is due to take over the holding in production license 038 with effect from August 1st. The transaction will leave that company with 70 percent of the license, while Petoro (for the state's direct financial interest) holds 30 percent.

"This sale marks another step towards concentrating our efforts on our defined core areas," comments Oyvind Bratsberg, senior vice president for Statoil's Troll-Sleipner business cluster.

The deal is subject to the necessary approvals being obtained from the Norwegian authorities.

Varg is being produced via an un-manned wellhead platform and the Petrojarl Varg production ship. PL 038 lies in block 15/12, 32 kilometers south of Statoil's Sleipner fields.