Norway’s Equinor eyes sale of stake in Statfjord field, presentation shows

Equinor’s flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins

OSLO, Aug 28 (Reuters) – Norway’s Equinor is contemplating promoting a 28% stake in Statfjord area, which straddles the Norwegian and British continental cabinets, alongside minority stakes in a number of satellite tv for pc fields, a presentation seen by Reuters confirmed.

The corporate has employed U.S. funding financial institution Houlihan Lokey to advise on the sale, which might fetch as much as $500 million, a supply conversant in the sale instructed Reuters.

Equinor additionally plans to promote minority stakes within the related fields Statfjord North, Statfjord East and Sygna, the presentation confirmed.

Statfjord has been producing oil and gasoline for greater than 40 years and by the tip of 2021 nonetheless had 107 million barrels of oil equal left, about half of that are gasoline reserves.

In 2020, Equinor determined to increase the sphere’s lifetime in the direction of 2040, with a deliberate decommissioning of Statfjord A platform postponed till 2027. Platforms Statfjord B and C are anticipated to function past 2035.

Statfjord produced 38,000 barrels of oil equal per day (boepd) in 2021, with gasoline accounting for greater than a 3rd, in line with knowledge from the Norwegian Petroleum Directorate.

Stafjord North, Stafjord East and Sygna produced a complete of practically 16,000 boepd of primarily oil the identical yr.

Oil from Statfjord is exported by way of shuttle tankers, whereas gasoline is piped to the St Fergus terminal in Britain.

Equinor, which is predicted to stay a stakeholder within the fields after any gross sales, now holds 78.6% of Statfjord, 45% of Statfjord North, 43.3% of Statfjord East and 43.4% of Sygna.

Equinor and Houlihan Lokey weren’t instantly obtainable for remark exterior regular working hours.

Reporting by Ron Bousso and Nerijus Adomaitis; Enhancing by Nora Buli and Edmund Blair

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