DONG to acquire North Sea assets from Statoil

Danish state oil firm DONG AS will acquire Statoil ASA's assets in the Danish North Sea for 1 billion Danish kroner ($120 million). The sale will be effective July 1, subject to approval by the Danish competition commission.

May 8, 2002

By OGJ editors
HOUSTON, May 8 -- Danish state oil firm DONG AS will acquire Statoil ASA's assets in the Danish North Sea for 1 billion Danish kroner ($120 million). The sale will be effective July 1, subject to approval by the Danish competition commission.

Included in the sale are Statoil's 40% interest in Siri and Stine fields and its 18.8% interest in Lulita field. Statoil's share of the average production for 2002 from the fields being sold is 7,000 b/d of oil.

Oil production began from Statoil's Siri platform on Mar. 1, 1999. The production platform was installed in late 1998. The field, which lies in 60 m of water, is on Block 5604/20 on the Ringkøbing-Fyn high about 130 miles west of Esbjerg, Denmark. Other Siri licensees are Enterprise Oil Ltd. 20%, DONG E&P 20%, Phillips Petroleum Co. 12.5%, and Denerco Oil AS 7.5%.

Lulita field came on stream in early June 1998 and was developed by the Danish Underground Consortium (DUC) and Danop-Statoil group, which comprises Statoil, DONG, Denerco Oil, and LD Energi. DUC holds 50% interest, LD Energi 5.5%, DONG E&P 13.6%, and Denerco 12.1%.