Statoil sells-off UK oil shelf

With a focus upon its core business, and while also following a strategy of creating high value within operations; Statoil has announced a decision to divest its 17% stake within the Alba oil fields on the UK continental shelf.

Hedda Felin, senior vice-president, Statoil UK offshore operations gave formal comment within a company press release, saying; “With this transaction, we focus upon core activities aligning with our strategy of high-value, low-carbon energy extraction.’ –

“We’re committed to a broad energy portfolio within the UK, with offshore oil & gas, offshore wind projects, active exploration programs & securing supplies of natural gas.”

Statoil intends to remain active upon the U.K. shelf with a 3-well campaign planned for later this year.

Chevron North Sea Limited first achieved oil production from the Alba oil shelf in 1994. With current vested interest at 23%, Chevron has extracted over 400 million barrels of oil. Statoil entered into partnership with Chevron in 1995 and currently holds 17% interest in Alba.

2017 saw Statoil average 2K barrels extracted daily from the Alba fields.

Verus Petroleum is posed to purchase Statoil’s 17% Alba holdings, with an effective date slated for January 1st, 2018; subject to regulatory approvals.

Statoil APA (ADR) spot market share price @ post NOK 205.50

© NTB Scanpix / #Norway Today