Shell to sell Statfjord equity to Centrica
Shell today agreed to sell its interests in the Statfjord field and associated satellite fields in the Norwegian sector of the North Sea to Centrica Resources (Norge) AS (“Centrica”). The Statfjord field produces gas plus some oil and natural gas liquids.
The sale for NOK 1,370 million ($225 million) by 100%-owned subsidiary A/S Norske Shell, and its subsidiary Enterprise Oil Norge AS, contributes to Shell’s target of selling $7-8 billion-worth of assets over 2010-2011 as part of its focus on major growth projects.
Shell’s share of production from the mature Statfjord field was 13,300 barrels of oil equivalent a day (boe/d) in 2009.
’’Shell’s growth strategy for Norway is unchanged,” said David Loughman, Managing Director of A/S Norske Shell. “Our production interests include Draugen and Ormen Lange where Shell is the operator, with equity in the Troll, Kvitebjørn and Gjøa fields, and we are actively exploring in the Vøring Basin as well as progressing existing discoveries. But we also continue to manage our portfolio to ensure the strategic fit of our assets and maximise shareholder value.”
The agreement with Centrica includes Shell’s 11.04% in production licence 037 (PL037) and corresponding shares in the underlying producing fields, including 9.44% interest in the Statfjord field. The agreement is subject to approval by the Norwegian authorities. Licence partners in PL037 include Statoil (operator), Petoro, ExxonMobil and ConocoPhillips. Centrica is a partner in the cross-border Statfjord field. Additional partners in the satellite fields include Idemitsu, Total and RWE DEA.
The deal is dependent on approval from the Norwegian Authorities.
Notes to editors
A/S Norske Shell, a 100%-owned subsidiary of Royal Dutch Shell plc, is the largest international oil company by operated production on the Norwegian continental shelf. Shell is the operator of Ormen Lange and Draugen, with equity in the Troll, Kvitebjørn and Gjøa fields. The company will complete one exploration well at Dalsnuten in the Norwegian Sea this year, and is maturing the Linnorm and Valemon fields towards final investment decisions.
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