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Statoil to acquire Hess's Snohvit interest

Statoil has as agreed to buy Hess Corp.’s 3.26% interest in Snohvit natural gas and condensate field and nearby licenses in the Barents Sea off Norway for 1 billion kroner ($180 billion) after tax (OGJ Online, Apr. 14, 2011).

The Norwegian company will acquire an 11.25% participation interest in PL097 and an 8.33% participation interest in PL110, which represent the 3.26% participation in the Snohvit Unit and Hammerfest LNG plant on Melkoya Island.

Statoil also acquired a 3.26% participation interest in PL110B, PL110C, PL448, and PL488.

Snohvit, discovered in 1981 and on production since 2007, produces from subsea wells into a pipeline to Melkoya.

New interests are Statoil (operator) 36.79%, Petoro 30%, Total E&P Norge 18.40%, GDF SUEZ E&P Norge 12%, and RWE Dea Norge 2.81%.


To access this Article, go to:
http://www.ogj.com/content/ogj/en/articles/2011/11/statoil-to-acquire-hesss-snohvit-interest.html