Statoil buys up 15% of SDFI for 38.6 billion kroner

May 4, 2001
The Norwegian Ministry of Petroleum has sold 15% of the state's direct financial interest in offshore oil and gas exploration licenses to Statoil for 38.6 billion kroner.


By the OGJ Online Staff

LONDON, May 4 -- The Norwegian Ministry of Petroleum Thursday sold 15% of the state's direct financial interest in offshore oil and gas exploration licenses to Statoil AS for 38.6 billion kroner ($4.2 billion), in advance of the state-owned company's upcoming partial privatization this summer.

The sale of SDFI stakes includes interests in 10 of the largest producing fields on the Norwegian Continental Shelf -- Troll, Gullfaks, Snorre, Vigdis, Tordis, Visund, Statfjord East, Åsgard, and Sleipner East and West -- and will boost Statoil's production and reserves base by more than 50%.

It is understood that with the SDFI sale, Statoil reserves will jump to 4.5 billion boe from 3 billion boe, while its production will climb to 1 million boe/d from 700,000 boe/d.

The Norwegian government aims to float between 15-25% of the beefed-up Statoil through an initial public offering as early as June, a percentage which could rise to 33% via partnership agreements. The state will retain the remaining two-thirds stake in the company.

In a presentation yesterday, Minister of Petroleum Olav Akselsen restated that 6.5% of the SDFI assets would be sold to other oil companies, including Norway's second largest, Norsk Hydro AS.