Staoil has completed its takeover of one of Wintershall Norge’s North Sea interests.
The oil major snapped up Wintershall’s 25% interest in the Byrding project on the Norwegian Continental Shelf (NCS).
The move increases Statoil’s stake in the North Sea development to 70%.
Byrding is an oil and gas discovery in the northern part of the North Sea, near the Troll / Fram area which represents a focal point of Norway’s oil and gas production.
The field is scheduled to come on stream in the third quarter of 2017.
In August last year, Statoil and its partners submitted the Plan for Development and Operation for Byrding to government authorities. Capital expenditures were reduced from initially approximately NOK3.5billion to the current estimate of approximately NOK1billion. Recoverable volumes are projected at approx. 11 million barrels of oil equivalent.
The transaction is the latest in a string of deals for the Norwegian operator. Statoil increased its stake in the Wisting discovery in the Hoop area of the Barents Sea in September and completed transactions for the Utgard field near Sleipner in the North Sea during 2015 and 2016.
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