Statoil has agreed to farm down its interest in five exploration licences in the Faroe Islands and two in Norway to the Austrian oil and gas company OMV.
The agreement is a result of a broader agreement with OMV, announced in August, to look for cooperation in exploration opportunities.
In the Faroe Islands, Statoil has farmed down in licences L006, L008, L009, L011 and L016.
In addition, Statoil is farming down 15% interest to OMV in PL359, which contains the Luno II discovery, and PL410 on the Norwegian continental shelf.
Bilde Runi M. Hansen, country manager for the Faroe Islands and Greenland in Statoil, said Statoil remained the largest licence holder in the Faroe Islands, and it was preparing to drill two wells in 2014.
The commercial terms of the agreement were not disclosed. The agreements are subject to authority approval.
Details:
| Faroe Islands |
| L006: Statoil 35% (operator), Exxon 49%, Atlantic Petroleum 1%, OMV 15% (acquired from Statoil) |
| L008: Statoil 40% (operator), DONG 30 %, OMV 30% (10% acquired from Statoil, 20% already held by OMV) |
| L009: Statoil 35% (operator), Exxon 50%, OMV 15% (acquired from Statoil) |
| L011: Statoil 35% (operator), Exxon 50%, OMV 15% (acquired from Statoil) |
| L016: Statoil 30% (operator), Exxon 26%, DONG 30%, Atlantic Petroleum 4%,OMV 10% (acquired from Statoil) |
| Norwegian continental shelf |
| PL 359: Lundin 40% (operator), Statoil (15%), Premier (30%), OMV 15% (acquired from Statoil) |
| PL 410: Lundin 70% (operator), Statoil (15%), OMV 15% (acquired from Statoil) |