Equinor welcomes OKEA as new partner in the Statfjord area
Equinor has entered into an agreement to divest 28% working interest in PL037 (Statfjord area) to OKEA with an effective date 1 January 2023.
The total consideration is USD 220 million plus a contingent payment element based on oil and gas prices over a 3-year period. A 28% working interest in PL037 gives 23.9% in Statfjord Unit, 28% in Statfjord Nord, 14% in Statfjord Øst Unit and 15.4% in Sygna Unit.
FLX is a unit within Equinor that is responsible for safe and efficient operations of late life assets through new ways of working.
In December 2021, Equinor signed an agreement with Spirit Energy to acquire its interests in the Statfjord area. The acquisition resulted in Equinor holding a 78.6% working interest in Statfjord Unit, with Vår Energi holding the remaining interest. Following the transaction with OKEA, Equinor will have a 54.7% working interest and remain the operator of the Statfjord field.
Since production start in 1979, Statfjord has produced more than 5.1 billion barrels of oil equivalent and created gross revenues of over NOK 1,675 billion.
The closing of the transaction is subject to customary government approval and is expected to be completed in fourth quarter of 2023.
