Statoil to acquire Hess's Snohvit interest

Statoil has as agreed to buy Hess Corp.’s 3.26% interest in Snohvit natural gas and condensate field and nearby licenses in the Barents Sea off Norway for 1 billion kroner ($180 billion) after tax (OGJ Online, Apr. 14, 2011).
Nov. 4, 2011

Statoil has as agreed to buy Hess Corp.’s 3.26% interest in Snohvit natural gas and condensate field and nearby licenses in the Barents Sea off Norway for 1 billion kroner ($180 billion) after tax (OGJ Online, Apr. 14, 2011).

The Norwegian company will acquire an 11.25% participation interest in PL097 and an 8.33% participation interest in PL110, which represent the 3.26% participation in the Snohvit Unit and Hammerfest LNG plant on Melkoya Island.

Statoil also acquired a 3.26% participation interest in PL110B, PL110C, PL448, and PL488.

Snohvit, discovered in 1981 and on production since 2007, produces from subsea wells into a pipeline to Melkoya.

New interests are Statoil (operator) 36.79%, Petoro 30%, Total E&P Norge 18.40%, GDF SUEZ E&P Norge 12%, and RWE Dea Norge 2.81%.

About the Author

Bob Tippee

Editor

Bob Tippee has been chief editor of Oil & Gas Journal since January 1999 and a member of the Journal staff since October 1977. Before joining the magazine, he worked as a reporter at the Tulsa World and served for four years as an officer in the US Air Force. A native of St. Louis, he holds a degree in journalism from the University of Tulsa.

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