StatoilHydro Grabs Stakes in 3 North Sea Licenses

Under an agreement between StatoilHydro and Lundin Petroleum signed on April 2, StatoilHydro will farm-in to three North Sea licenses.

StatoilHydro will acquire a 30 percent interest in exploration licenses PL359 and PL410, both located in the Utsira High area, plus a 10 percent interest in PL409.

The licenses are located close to the Luno discovery in PL338, the Ragnarrock discovery in PL265 and existing StatoilHydro-operated infrastructure on Sleipner and Grane fields.

"This transaction is another step towards strengthening StatoilHydro's position in an attractive exploration area on the Norwegian continental shelf where several interesting discoveries have been made in recent years," said senior vice president for exploration on the Norwegian continental shelf, Tove Stuhr Sjoblom.

The agreement also involves a swap of rig capacity between StatoilHydro and Lundin Petroleum.

The implementation of the agreement is subject to the approval of government authorities.

The present ownership structure:

  • PL359: Lundin Petroleum 70% (operator), Premier Oil Norge AS 30%
  • PL409: Lundin Petroleum 100% (operator)
  • PL410: Lundin Petroleum 100% (operator)