Statoil Increases Stake in Byrding

Norwegian Statoil has bought Wintershall’s 25% stake in the Byrding field development, bringing its total shareholding to 70%, for an undisclosed sum.

The Statoil operated field, in the northern part of the Northern Sea, is scheduled to come on stream in the third quarter of 2017 and will yield a return in the same year as investments are made. It is near the Troll / Fram area which represents a focal point of Norway's oil and gas production, according to the statement. Fram oil and gas flows to Troll C for processing.

"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 Gunnar Nakken, Statoil's senior vice president for Operations West.

Fram seabed installation

(Credit: Statoil)

Statoil and its partners in August submitted the development plan to the offshore regulator.

The agreement is a further acquisition by Statoil in core areas, following an increase in the Wisting discovery in the Hoop area of the Barents Sea in September and transactions for the Utgard field near Sleipner in the North Sea during 2015 and 2016, according to the statement. 

Murat Basboga