Norway’s Equinor and Okea Argue Over Reserves and Costs at Statfjord Field
Norway’s Equinor and compatriot Okea are at loggerheads over a deal for a major stake in the Statfjord project after Okea revealed the field had fewer reserves and higher costs than first thought. In March, Okea agreed to acquire a 28% stake in block PL 037 (Statfjord area) from Equinor for an initial fixed consideration of $220 million.
Completion was scheduled for November 30, 2023, but Okea said yesterday it had notified Equinor that completion would be delayed.
Due to Equinor’s (as operator) commitment to provide RNB 2024 data for the Statfjord area, OKEA has received updated information which indicates a reduction of 10-15% in 2P and 2C volumes compared to RNB 2023.
Preliminary estimates of the updated forecasts indicate a significant reduction in costs.
Discussions with Equinor regarding the way forward are ongoing, Okea said.
