Centrica closes Norwegian shelf acquisitions

By OGJ editors

Centrica has closed separate acquisitions from Statoil and ConocoPhillips of major Norwegian Continental Shelf oil and gas interests.

It paid Statoil $1.525 billion and might make a further payment of as much as $100 million depending on future production of Kvitebjorn natural gas field.

The deal cuts Statoil’s interests in Kvitebjorn to 39.55% from 58.55%, in Heimdal gas field to 29.553% from 39.553%, and in Valemon gas field to 53.775% from 66.775%. Statoil remains operator of the fields.

In other areas, Centrica acquires Statoil’s only interests. They are: ​Skirne-Byggve ​10%, ​Fulla ​50%, ​Frigg-Gamma-Delta 40%, Vale ​28.853%, and Rind 37.87%.

Centrica said the Statoil acquisition involves proved plus probable reserves of 117 million boe and production of 34,000 boe/d and includes “attractive development potential.”

It acquired ConocoPhillips’s nonoperated interests in Statfjord oil and gas field and satellites for $223 million, including $103 million in historic tax allowances (OGJ Online, Jan. 31, 2012). Centrica’s Statford interest increases to 34.3%. The company estimates proved and probable reserves associated with the deal at 36 million boe.

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