Norway's Okea buys Statfjord oilfield stake from Equinor

March 20, 2023 05:38 PM AEDT | By Reuters
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OSLO (Reuters) - Norwegian independent oil and gas producer Okea said on Monday it had agreed to buy a 28% stake in Norway's Statfjord production licence from Equinor for an initial price of $220 million.

"In addition, the agreement contains contingent payment terms applicable for 2023-25 for certain thresholds of realised oil and gas prices," Okea said in a statement.

The deal increases Okea's total production by between 13,000 and 15,000 barrels of oil equivalent per day (boed) in 2023 and by between 16,000 and 20,000 boed in 2024, lifting overall output next year to more than 40,000 boed, it said.

No new financing will be needed for the transaction, the company said.

State-controlled Equinor in a separate statement said the deal was part of its portfolio optimisation and it would remain operator of the Statfjord field with a 54.7% stake.

(Reporting by Terje Solsvik, editing by Anna Ringstrom)


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