Statoil increase its share in Byrding offshore project in Norwegian Continental Shelf

Byrding offshore projectStatoil increase its share in Byrding offshore project on the Norwegian Continental Shelf by acquisition of Wintershall Norge’s 25% interest. The transaction commence with back date at beginning of 2016 and increases the share of Statoil into the oil and gas discovery in the northern part of the North Sea to 70%. The oil company submitted Plan for Development and Operation for Byrding to the Norwegian government in August, which scheduled to stream the field in Q3 2017. According to the project, the capital expenditures were reduced from initially approximately 3.5 billion NOK to the current estimate of approximately 1 billion NOK.

“Byrding is a low cost project that is profitable in the current oil price environment. Through this transaction, we further deepen our position in a core area for Statoil”, said the senior vice president for Operations West of Statoil, Gunnar Nakken.

Byrding (PL090B) is an oil and gas discovery in the northern part of the North Sea, which is operated by Statoil. The project is near the Troll/Fram area, which represents a focal point of Norway’s oil and gas production. The recoverable volumes are projected to be about 11 MMboe.

Statoil is a Norwegian multinational oil and gas company headquartered in Stavanger, Norway. It is a fully integrated petroleum company with operations in 36 countries. The Government of Norway is the largest shareholder in Statoil with 67% of the shares, while the rest is public stock. The ownership interest is managed by the Norwegian Ministry of Petroleum and Energy.