Statoil has agreed to increase its holding in the Utgard field after acquiring JX Nippon’s 45% share.
The company said on transaction it will increase its holding to 100% after acquiring stakes from First Oil in October and Talisman Sinopec in December last year.
Statoil is the operator in NCS licence PL046 with a 62% holding.
Utgard, previously known as Alfa Sentral, is a gas and condensate field spanning the UK-Norway median line.
It is planned to be developed as a tie-back to existing infrastructure on the Norwegian Continental Shelf (NCS) for Sleipner, which Statoil operates.
A final investment decision for Utgard is planned before end-2016 with production start-up in 2020.