As part of the agreement, Hess will fully fund the cost of a 6,500 square kilometer 3-D seismic survey that is scheduled to begin in 2016’s third quarter.
The deal boosts Lundin's resources and cash flow at a time when the industry is readjusting to a plunge in crude prices, while Statoil gains more exposure to key parts of the Norwegian continental shelf.
The divestment comprises about 62,500 net acres with equity production from the properties of about 9,300 boe/d for first-quarter 2016.
The state-controlled company, which has one of the best success rates in the industry in finding new reserves at one of the lowest cost bases, has tabled disposals of 7 billion euros (US$8.01 billion) to 2019.
When transaction was first announced, Premier's shares were suspended as the deal was classified as a reverse takeover. Deal will be complete by the end of this month, Reuters reported.
Though financial details of its deal will remain undisclosed, the sale of 19 GoM fields aids Chevron’s efforts to reach up to $10 billion in divestitures by year-end 2017.
Shell has been operating in the west African country for more than 50 years. Its holdings include the Rabi Kounga and Gamba fields, Reuters reported.
Egypt plans to launch a new oil exploration round next week, offering 11 blocks in the Western desert and the Gulf of Suez, Petroleum Minister Tarek al-Molla said April 19.
Sequa Petroleum cancelled on April 19 a deal announced in October to buy a 15% stake in the Gina Krog oil field from France's Total for 1.4 billion crowns (US$171.20 million).
Proceeds from the sale of Slave Point and other noncore assets will help to strengthen the Calgary, Alberta-based company's balance sheet. It will also improve its financial flexibility and overall corporate metrics.
In a meeting that was webcast, commissioners of the regulator known as the CNH voted unanimously to allow companies not involved in the day-to-day operations of a deepwater oil field to hold a larger stake than the project operator. The previous rule required that the operator hold the largest stake.
Executives from Reliance, BG and India's state-run oil firm ONGC have been at odds for months over the cost of closing the Tapti Field off the country's west coast.