Statoil nears Agbami stake loss

ABUJA, November 6, 2015 – Statoil could lose 5.17 percent of its equity interest in the Agbami field offshore Nigeria after an arbitration tribunal in the country failed to overturn a prior expert decision on a tract recalculation. The tribunal’s decision was made on Wednesday and announced by Noway’s majority state-owned company in a press release on Friday.

Following the tribunal’s decision, which marks the end of arbitration proceedings bought by Statoil in late 2013, the company stated it was “currently assessing its position.”

If implemented, Statoil would see its share in the Chevron-operated deepwater field decline form 20.21 percent to 15.04 percent. The decision also obligates Statoil to compensate the field’s equity partners – Chevron (67.3 percent) and Brazil’s state-run Petrobras (12.49 percent) – to the tune of NOK1.6 billion ($187 million), in addition to the NOK7.5-billion ($876-million) accrual it has already made.

The Agbami field lies on oil production licences 216 and 217 and is one of Nigeria’s largest deepwater developments. The field started producing in July 2008 and reached a peak production rate of 250,000 barrels of oil per day in mid-2009.

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