Statoil ASA (NYSE: STO) said Dec. 11 it will now become sole operator of its Eagle Ford joint venture (JV).
The Norwegian company has acquired a 13% interest in the JV from Repsol SA. This will allow for more optimal field development, efficient operations and cost savings, and thus more resilience to low oil prices, according to the release.
Statoil also executed several other transactions, including:
- Statoil farms down to Repsol a 15% interest in the Gudrun Field on the Norwegian Continental Shelf. Statoil remains the operator and largest equity holder with a 36% interest;
- Pending Repsol partner approval, Statoil will acquire a 31% equity share in the U.K. license for Alfa Sentral, a field which spans the U.K.-Norway maritime border; and
- In agreement with its license partners, Statoil will assume operatorship of the BM-C-33 license in Brazil’s Campos Basin, pending approval from authorities.
The transactions for Gudrun and Eagle Ford are valued at the same amount. Their effective dates are both Jan. 1, 2015. They are expected to close before the end of 2015, pending government approvals.
The transfer of operatorship of BM-C-33 will be concluded once approved by the Brazilian authorities.
Lambert Energy Advisory Ltd. were sole advisers to Statoil on this process.
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