Fortum acquires 7% stake in Mikkel field from Statoil

Finland's Fortum has acquired a 7% stake from Statoil ASA in Mikkel natural gas and condensate field in the Norwegian Sea. In February, Mikkel operator Statoil farmed out a 7.9% interest in the field to Italy's Agip SPA (OGJ Online, Feb. 8, 2002).

March 27, 2002

By the OGJ editors
HOUSTON, Mar. 26 -- Finland's Fortum has acquired a 7% stake from Statoil ASA in Mikkel natural gas and condensate field in the Norwegian Sea. In February, Mikkel operator Statoil farmed out a 7.9% interest in the field to Italy's Agip SPA (OGJ Online, Feb. 8, 2002).

"These farm-outs are part of [Statoil's] strategy to align interests in the Halten Bank area," said Thor Haakon Helgesen, senior vice-president for the firm's Halten-Nordland business cluster.

Plans call for Mikkel to come on stream in fall of 2003, Statoil said, with gas from the field will be processed on the Åsgard B gas floater.

Statoil holds 41.62% of Mikkel and serves as field operator; other field partners include ExxonMobil Corp. 33.48% and Norsk Hydro AS 10%.