Statoil moves toward Utgard development

Statoil SA said it plans to make a final investment decision about development of Utgard gas and condensate field in the Sleipner area of the North Sea after agreeing to acquire a 45% interest in the UK portion of the license from JX Nippon.

The field, previously known as Alfa Sentral, straddles the UK-Norwegian sector line. After the JX Nippon deal, Statoil will own 100% and become operator of UK License P312. It holds 62% in and is operator of Norwegian Continental Shelf License PL046.

Statoil envisions subsea development tied back to the Sleipner East platform, which it operates, about 21 km to the east in Norwegian waters. Production would start in 2020.

The company acquired stakes in the UK license from First Oil PLC in October 2015 and from Talisman Sinopec Energy UK Ltd. in December 2015.