Statoil has announced the finalized purchase acquisition of Total oil, with Statoil taking over operations of the Martin Linge oil field and the Garantiana oil discovery upon the Norwegian continental shelf.
Commenting of the acquisition upon Statoil’s website; Arne Sigve Nylund, Statoil’s VP for Development and Production Norway stated; ‘This transaction adds competitive growth assets to our portfolio on the Norwegian continental shelf. The Martin Linge
project is in line with our strategy.’
The transaction gives Statoil a 70% interest in Martin Linge and 40% in Garantiana, along with 121 employees from Total per November, 2017’s Sale and Purchase Agreement. Statoil bought Total’s business interests upon the Norwegian continental shelf for just under NOK 12B in November, 2017.
The Martin Linge drilling site is being developed as a manned wellhead. Operations will be controlled from an onshore digital center slated for Bergen, Norway, reducing overall costs.
The substructure has already been placed in the North Sea and the topside of the drilling platform is under construction at the Samsung yard in South Korea. Once finished, the topside will be transported to Norway in early 2018.
A crane collapse at the Samsung yard in May, 2017 killed 6 and injured 22 and impacted construction times. The project has experienced delays and budget increases due to engineering & construction issues, along with fluctuation in the currency market.
The Martin Linge oil & gas fields are situated west of the Oseberg North Sea oil fields and have an estimated total production of 300 million barrels of oil extending into the 2030’s.
Norway’s government is registered as the largest shareholder in Statoil with 67% ownership, and Ownership Interest is managed by the Norwegian Ministry of Petroleum & Energy.
© NTB Scanpix / #Norway Today