Okea buys Statfjord oilfield stake from Equinor

Norwegian independent oil and gas producer Okea has agreed to buy a 28% stake in Norway’s Statfjord production licence from Equinor for $220 million. 

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. 

Okea says: ‘In addition, the agreement contains contingent payment terms applicable for 2023-25 for certain thresholds of realised oil and gas prices.’ 

State-controlled Equinor commented that the deal was part of its portfolio optimisation and would remain the Statfjord field operator with a 54.7% stake. 

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(Source: Tank Storage Magazine, March 20-2023)