Norway's Okea buys Statfjord oilfield stake from Equinor (updated)

Okea ASA

20/03/2023 06:33

(Adds output, detail, Equinor comment)
       OSLO, March 20 (Reuters) - Norwegian independent oil and
gas producer Okea  OKEA.OL  said on Monday it had agreed to buy
a 28% stake in Norway's Statfjord production licence from
Equinor  EQNR.OL  for an initial price of $220 million.
    "In addition, the agreement contains contingent payment
terms applicable for 2023-25 for certain thresholds of realised
oil and gas prices," Okea said in a statement.
    The deal increases Okea's total production by between 13,000
and 15,000 barrels of oil equivalent per day (boed) in 2023 and
by between 16,000 and 20,000 boed in 2024, lifting overall
output next year to more than 40,000 boed, it said. 
        No new financing will be needed for the transaction, the
company said.
  
        State-controlled Equinor in a separate statement said
the deal was part of its portfolio optimisation and it would
remain operator of the Statfjord field with a 54.7% stake.
  

 (Reporting by Terje Solsvik, editing by Anna Ringstrom)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70;))