Equinor Sells Stake in Statfjord Area License

Norwegian oil company gets $220 million for 28% of the license.

Statfjord B platform.
Statfjord B platform.

Equinor has entered into an agreement to divest 28% of its working interest in Statfjord area license PL037 to OKEA for $220 million plus a contingent payment element based on oil and gas prices over a 3-year period. The transaction has an effective date of 1 January 2023. A 28% working interest in PL037 gives OKEA a 23.9% in Statfjord Unit, 28% in Statfjord Nord, 14% in Statfjord Øst Unit, and 15.4% in Sygna Unit.

“With this transaction, we continue to optimize our oil and gas portfolio, welcoming an industrial player with late-life expertise into the Statfjord partnership,” said Camilla Salthe, senior vice president for field life extension, FLX, for Equinor. “This will contribute to diversification and high value-creation from the Statfjord area in the years to come.”

FLX is a unit within Equinor that is responsible for safe and efficient operations of late-life assets through new ways of working.

In December 2021, Equinor signed an agreement with Spirit Energy to acquire its interests in the Statfjord area. The acquisition resulted in Equinor holding a 78.6% working interest in Statfjord Unit, with Vår Energi holding the remaining interest. Following the transaction with OKEA, Equinor will have a 54.7% working interest and remain the operator of the Statfjord field.

Statfjord has produced more than 5.1 billion BOE since its startup in 1979.

“We still have high expectations for Statfjord, and by developing new ways of working we aim to extend the lifetime of the field towards 2040 and reduce emissions with 50% by 2030,” added Salthe.

The closing of the transaction is expected to be completed in the fourth quarter of 2023.