OKEA acquires 28% working interest in Statfjord Area from Equinor


OKEA ASA has entered into an agreement with Equinor Energy AS to acquire 28% working interest in Statfjord (PL037) with effective date 1 January 2023 for an initial fixed consideration of USD 220 million. Statfjord is one of Norway's largest oil fields, and has been a major pillar in the Norwegian oil and gas industry both economically and technologically.

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The Acquisition includes 23.93123% WI (working interest) in Statfjord Unit, 28% WI in Statfjord Nord, 14% WI in Statfjord Øst Unit and 15.4% WI in Sygna Unit. The acquisition price includes tax balances of approximately NOK 300 million. In addition to the fixed consideration, the agreement contains a contingent consideration structure based on profit sharing on crude oil and dry gas volumes in the period 2023-2025.

Equinor will further retain responsibility for 100% of OKEA’s share of total decommissioning costs related to Statfjord A, while OKEA will be liable for its share of decommissioning costs related to Statfjord B and C less any decommissioning costs relating to a full or partial removal of the gravity-based structures. No new financing is required for funding the transaction as the majority of the purchasing price, based on current forward prices, will be covered by cash flows generated by the assets prior to completion in Q4 23.

Statfjord Area is one of the largest fields on the NCS in terms of initial oil in place which was in excess of 6 billion barrels. Statfjord A was put on production in 1979, followed by Statfjord B in 1982 and Statfjord C in 1985. Statfjord Area is operated by Equinor, which in addition to the Statfjord Unit is comprised of Statfjord Øst Unit, Statfjord Nord and Sygna Unit which are subsea developments tied back to the main field platforms at Statfjord Unit.

We congratulate OKEA on the transaction. Selmer is proud to have been chosen to advise on this milestone acquisition. We thank the OKEA team for an excellent cooperation, and highly commend the team for its professionalism, dedication and commercial acumen!

OKEA has made another significant acquisition aligned with our strategy. I would like to thank the Selmer team who has assisted us in the most professional and efficient manner. It has been a pleasure working with you.

Chief Legal Advisor, OKEA ASA