Norway's Statoil ASA (STO) has agreed to pay $15 million for First Oil's 24% stake in the British license of the Alfa Sentral natural gas and condensate field, the Norwegian company said in a statement on Oct. 2.
The Alfa Sentral reservoir crosses the British-Norwegian offshore border.
"A final investment decision is planned for late 2016 with production start-up in 2020," Statoil said, adding that the plan is to tie the field in to its Sleipner Field on the Norwegian side of the North Sea.
The transaction is expected to close by the end of 2015.
Recommended Reading
Rystad: More Deepwater Wells to be Drilled in 2024
2024-02-29 - Upstream majors dive into deeper and frontier waters while exploration budgets for 2024 remain flat.
After 4Q Struggles, Transocean’s Upcycle Prediction Looks to Pay Off
2024-02-21 - As Transocean executives predicted during third-quarter earnings, the company is in the middle of an upcycle, with day rates and revenues reaching new heights.
E&P Highlights: April 8, 2024
2024-04-08 - Here’s a roundup of the latest E&P headlines, including new contract awards and a product launch.
CNOOC Finds Light Crude at Kaiping South Field
2024-03-07 - The deepwater Kaiping South Field in the South China Sea holds at least 100 MMtons of oil equivalent.
Transocean Releases Fleet Status Report
2024-02-15 - Transocean’s total backlog for its fleet is approximately $9 billion.