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2015-12-11 19:45:00

STATOIL & REPSOL TRANSACTIONS

STATOIL & REPSOL TRANSACTIONS

Statoil and Repsol announce transactions in Norway, UK, US and Brazil.

These transactions increase the number of Statoil's operatorships in priority areas, providing greater control of asset development and costs through shared efficiencies.

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 UK licence for Alfa Sentral, a field which spans the UK-Norway maritime border.

Statoil acquires from Repsol a 13% interest in the Eagle Ford joint venture and becomes its sole operator.

In agreement with its licence partners, Statoil will assume operatorship of the BM-C-33 licence in Brazil's Campos basin, pending approval from authorities.

"We are delighted to be deepening our relationship with Repsol. In the current challenging market environment, these are innovative, value-enhancing transactions which will help control costs and strengthen Statoil's portfolio for the long term", said John Knight, Statoil's Executive Vice-President for Global Strategy & Business Development.

Strengthening a core NCS area

Once approved, the agreement on Alfa Sentral will increase Statoil's holding in the UK licence for the field. It follows the transaction between Statoil and First Oil which was completed in November 2015. Statoil will become the largest equity holder in the Alfa Sentral field in both the UK and Norway licences, thus increasing its share of the resource base and its potential future profitability. The field is a priority project for Statoil and its development, as a tie back to the existing Sleipner infrastructure, will help to prolong and develop further the Sleipner area.

John Knight continued: "Statoil has ambitious goals for future activity, production and value creation on the Norwegian Continental Shelf and this deal supports our long term ambition. We are bringing a strong partner into Gudrun, an important NCS asset, and our increased interest in the Alfa Sentral development will strengthen our efforts to develop the important Sleipner area towards 2030".

Expanding international operatorships

In the US, Statoil will now become sole operator of the Eagle Ford joint venture. This will allow for more optimal field development, efficient operations and cost savings, and thus more resilience to low oil prices.

In Brazil the operatorship of BM-C-33, once formally approved by the Brazilian authorities, will allow Statoil to use its deep-water and gas experience to develop the BM-C-33 discoveries.

"The US and Brazil are focus areas for Statoil's international strategy. As the sole operator in the Eagle Ford Joint Venture, we will deliver benefits for both partners. We are looking forward to becoming operator in BM-C-33 and applying our offshore and operating skills on this high impact discovery", said John Knight.

The transactions for Gudrun and Eagle Ford are valued at the same amount and their effective dates are both 1 January 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.

Overview of transaction

 

Before trans-action

After trans-action

Operatorship

Norway: Gudrun 
Production Licence PL025, PL2025B and PL187

51%

36%

Statoil remains operator.

USA: Eagle Ford shale assets

50%

63%

Statoil remains operator of eastern assets. Operatorship of western assets transferred from Repsol to Statoil.

Norway/UK: Alfa Sentral
UK Exploration Licence P312

24%

55%

JX Nippon is operator of P312.
Statoil is operator of NCS licence PL046 with a 62% holding. Negotiations to unitise the field are ongoing.

Brazil: Pão de Açúcar
Exploration Licence BM-C-33, comprising the Pão de AçúcarGavea and Seatdiscoveries

35%

35%

Transfer of operatorship from Repsol to Statoil.

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Facts

1. The Gudrun field holds c. 130 million barrels of remaining oil equivalent and is a high pressure, high temperature reservoir. Production started in April 2014 and 2015 production is c. 75 thousand barrels of oil equivalent per day. Developed as a tie-back to the existing Sleipner infrastructure on the NCS, Statoil delivered Gudrun on time and below its 2010 cost estimate.

2. Alfa Sentral is a c.60 million barrels of oil equivalent gas and condensate field spanning the UK continental shelf (UKCS) and NCS. Statoil is the operator in the NCS licence (PL046) with a 62% holding and acquired a 24% interest in the UKCS licence (P312) from First Oil on 2 October 2015.

3. Statoil has been active in US shale assets since 2008 and entered the Eagle Ford in 2010 through a 50-50 joint venture with Talisman Energy USA Inc. Talisman (now owned by Repsol) initially acted as operator for the jointly owned acreage. Under the terms of the 2010 agreement, Statoil took over operations in the eastern half of the asset in July 2013.

4. In Brazil, Statoil is the operator of the Peregrino field and has an active exploration portfolio. The high impact discovery in the Pão de Açúcar prospect was made in the BM-C-33 licence in 2012. Since then, the partners have completed two successful appraisal wells in Pão de Açúcar to understand further the size of the discovery. In 2012 the partnership communicated total estimated block resources of around 700 million barrels of light crude and 3 trillion cubic feet of gas. The ongoing appraisal campaign will clarify the discovered potential.

statoil.com

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More: 

STATOIL WANTS ARCTIC 

NORWAY NEEDS GUARANTEES 

NORWAY'S INVESTMENTS WILL FALL 9.3% 

REPSOL WILL SELL $7.1 BLN, CUTS 38% 

REPSOL WILL DOWN 22% 

REPSOL WILL CUT 1,500 JOBS

 

 

 

 

 

 

 

 

 

Tags: STATOIL, REPSOL,

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