Statoil has struck a deal to acquire Wintershall’s share in the Byrding interest in the Norwegian North Sea.
The company will take a further 25% share, increasing its interest from 45% to 70%.
Byrding is an oil and gas discovery in the northern part of the North Sea and is operated by Statoil.
It is close to the Troll and Fram area.
Gunnar Nakken, Statoil’s senior vice president for Operations West, said:“Byrding is a low cost project that is profitable in the current oil price environment. Through this transaction, we further deepen our position in a core area for Statoil.”
Statoil and its partners submitted a plan for development and operation for Byrding to government authorities in August.
Capital expenditures were reduced from an estimated NOK3.5billion to the current estimate of NOK1billion.
Recoverable volumes are projected at approx 11million barrels of oil equivalent.
The move comes after Statoil upped its share in the Wisting discovert in the Hoope area of the Barents Sea in September.
Meanwhile, transactions for the Utgard field near Sleipner were completed in the North Sea during 2015 and 2016.
The field is expected to come on stream in the third quarter of next year.
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