Statoil acquires Shell interests off Norway

Statoil ASA has agreed to acquire Royal Dutch Shell's 20% interest in the Midnattssol 281 production license in the Norwegian Sea, boosting its stake to 50%.

Uchenna Izundu
International Editor

LONDON, Apr. 27 -- Statoil ASA has agreed to acquire Royal Dutch Shell's 20% interest in the Midnattssol 281 production license in the Norwegian Sea, boosting its stake to 50%.

It plans to drill another exploratory well on Midnattssol in May or June based on encouraging interpretation of data from the previous well, Elida.

Partners are E.ON Ruhrgas and Petoro, 20% each, and ConocoPhillips, 10%.

Statoil also has obtained from Shell a 2.5% interest in Production License 328 Obelix in the North Sea's Voering basin, raising its stake to 42.5%.

Statoil is operator. Partners are Shell 7.5%, Petoro 20%, and Gaz de France 30%.

Contact Uchenna Izundu at uchennai@pennwell.com.

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