As per the agreement, Statoil will acquire 10% interest in production license PL535 and swap it with 10% interest in PL395.
The production licenses PL395 and PL535 situated on the Bjarmeland Platform in the central Barents Sea have proved gas resources.
PL395 has Ververis discovery, found in 2008 and PL535 has Norvarg discovery, found in 2011. In addition, the PL535 has an ongoing appraisal well Norvarg II.
Statoil Norway exploration senior vice president Gro Haatvedt said the company is expecting the asset swap agreement will provide it with a platform for future developments in the areas.
"The Bjarmeland area has an interesting resource potential which may become important for future gas developments in the Barents Sea," Haatvedt added.
The agreement will be finalized upon receiving an approval from the Norwegian Ministry of Petroleum and Energy.
