On June 22, Statoil ASA (NYSE: STO) and Japan’s JX Nippon completed their transaction whereby Statoil acquired JX Nippon’s 45% equity share in, and operatorship of, the UK license for the Utgard Field, Statoil said June 28.
Statoil now has full interest in U.K. Continental Shelf license P312 which, with Norwegian Continental Shelf license PL046, comprises the field. Statoil previously acquired stakes in P312 from First Oil in October 2015 and Talisman Sinopec in December 2015.
Statoil is the operator in PL046 with a 62% holding. A final investment decision for Utgard is planned before year-end 2016, with production start-up in 2020.
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