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UpstreamOnline: Statoil moves on Shell Norway stakes

By Upstream staff

Norwegian giant Statoil has taken on some of Anglo-Dutch supermajor Shell’s stakes in a number of Norwegian Sea exploration licences.

Statoil struck a deal with Shell which will see it take on Shell’s stake in Production Licence 281, dubbed Midnattssol, in the Norwegian Sea from 1 January this year.

Statoil now has a 50% stake in Midnattssol. One exploration well, Elida, has already been drilled in the licence. Elida-2 is set to spud in May or June.

The other Midnattssol licensees are E.ON Ruhrgas (20%), Petoro (20%) and ConocoPhillips (10%).

Statoil will also take 2.5% of Shell’s 10% interest in PL328, called Obelix, in the North Sea’s Voring basin. The deal boosts Statoil’s stake in Obelix to 42.5%.

Statoil operates Obelix, with partners Shell (7.5%), Petoro (20%) and Gaz de France (30%).

The deals are subject to regulatory approval.

26 April 2007

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