Statoil lifts stake in heavy-oil find off UK

Statoil has agreed to increase its interest in a license containing a heavy oil discovery under consideration for development off the UK.

Sept. 24, 2010

By OGJ editors
HOUSTON, Sept. 24 -- Statoil has agreed to increase its interest in a license containing a heavy oil discovery under consideration for development off the UK.

It agreed to acquire 20.67% of Nautical Petroleum’s interest in license P 335, which encompasses undeveloped Mariner field, raising its interest to 65.1%. Statoil operates Mariner as well as Bressay field in the same area, in which holds an 81.6% stake.

Statoil will pay Nautical £87.5 million and carry Nautical, which retains a 6% interest, for a maximum £3 million of its costs through the investment decision.

Statoil expects to make an investment decisions about Mariner and Bressay, which would be developed separately, in 1-2 years.

The transaction is subject to approvals by partners and government authorities.