By OGJ editors
HOUSTON, Mar. 10 -- Statoil ASA signed an agreement Mar. 8 with BP PLC to buy for an undisclosed amount the major's 25% interest in License 218 on Blocks 6706/10 and 6706/12 in the Norwegian Sea.
The agreement ups Statoil's holding in the license to 75%. Other licensees are ExxonMobil Corp. 15% and ConocoPhillips 10%.
The license area lies in about 1,300 m of water, and the reservoir is 2,800 m beneath the seabed. The field's estimated reserves are 38 billion cu m of gas.
This license area includes the Luva gas discovery, made in 1997. Luva field lies about 240 km west of Bodø. The license was awarded in 1996. BP recommends Statoil as new operator of the license.
The move, Statoil said, will strengthen its position in Norwegian Sea's deep wateran area expected to be an important one for gas in the future.
As a step toward development of the Luva find, Statoil said it will be necessary to drill a new exploration well on a nearby prospect. Plans call for the well to be drilled as early as 2007-08.