The transaction will see Statoil emerging as the biggest stake holder in the Wisting discovery in the Barents Sea.
Statoil Norway and UK exploration senior vice president said: “This transaction reflects our strong belief in the exploration potential on the Norwegian continental shelf and our commitment to create value in the Barents Sea.”
However, the transaction is subject to approval from the respective authorities.
Statoil already holds a substantial exploration portfolio in the Barents Sea through licensing rounds and transactions.
With the Wisting discovery being the only big discovery in the Hoop area of the Barents Sea, Statoil expects the area to have further exploration potential.
According to estimates by the Norwegian Petroleum Directorate (NPD), the Wisting discovery could contain 241 million barrels of oil equivalent (boe) in recoverable reserves.
Averty said: “Statoil has developed new technologies such as the Cap-X subsea concept and promoted industry cooperation through the Barents Sea Exploration Collaboration (BaSEC) in order to deliver safe and efficient operations.”
Besides, the transaction will enable Statoil to access to interesting exploration prospects in the Norwegian Sea and the Barents Sea that will be matured for possible drilling in 2018.
The company said that it have to make new, substantial discoveries to maintain the production on the NCS.
It also said that resource additions from Northern Norway are essential to achieve the target.
