OKEA acquires working interest in Statfjord area

March 20, 2023
OKEA ASA will acquire 28% working interest in PL037 (Statfjord area) from Equinor Energy AS for an initial fixed consideration of $220 million.

OKEA ASA will acquire 28% working interest in PL037 (Statfjord area) from Equinor Energy AS for an initial fixed consideration of $220 million. The agreement includes contingent payment terms applicable for 2023-25 for certain thresholds of realized oil and gas prices, OKEA said in a release Mar. 20.

The acquisition comprises 23.93123% WI in Statfjord Unit, 28% WI in Statfjord Nord, 14% WI in Statfjord Øst Unit, and 15.4% WI in Sygna Unit. 

Net 2P reserves of the acquisition are 41 MMboe, and net 2C resources are 8 MMboe. Additional upside volume potential is about MMboe, identified by OKEA based on drilling beyond 2028 and cost reduction initiatives.

The acquisition adds 13,000-15,000 boe/d production to OKEA in 2023 and is expected to grow to 16,000-20,000 boe/d in 2024.

Equinor retains responsibility for 100% of OKEA’s share of total decommissioning costs related to Statfjord A. OKEA is liable for its share of costs related to decommissioning of Statfjord B and C, however Equinor retains responsibility for decommissioning costs relating to any full or partial removal of Statfjord B and C gravity-based structures, should it be required. 

The Statfjord area covers the following licenses: Statfjord Unit, Statfjord Øst Unit, Statfjord Nord, Sygna Unit, and Barnacle. The Statfjord Unit development covers the Statfjord A, B, and C concrete gravity base platforms. The other fields, except for Barnacle, are subsea developments tied back to the main field platforms. Equinor is operator for all licenses.

Following the deal's closing, expected in this year's fourth quarter, field partners will be as follows:

  • Statfjord Unit: Equinor (40.17028%), OKEA (23.93123%), Vår Energi AS (21.36717%), Equinor UK Ltd. (14.53131%).
  • Statfjord Øst Unit: Equinor (29.25%), Petoro AS (30%), Vår Energi (20.55%), OKEA (14.0%), Idemitsu Petroleum Norge AS (4.8%), Wintershall DEA Norge AS (1.4%).
  • Statfjord Nord: Petoro (30%), Vår Energi (25%), OKEA (28%), Equinor (17%).
  • Sygna Unit: Equinor (28.025%), Petoro (30%), Vår Energi (20.995%), OKEA (15.4%), Idemitsu Petroleum Norge AS (4.32%), Wintershall DEA Norge AS (1.26%).