By Dominic Chopping
The Norwegian ministry of petroleum Thursday set the ownership
interest each licence holder will receive on the Johan Sverdrup
field in the North Sea, stepping in to resolve a dispute that could
have delayed one of the country's biggest-ever oil projects.
The owners of the field this year asked the Norwegian government
to decide the final size of each partner's stake, as they had
failed to find an agreement despite protracted talks.
The ministry's decision sees Statoil ASA (STO) take a 40.0267%
participating interest in the field, with Lundin Norway, part of
Lundin Petroleum AB (LUPE.SK), receiving 22.6%, Petoro 17.36%, Det
Norske Oljeselskap ASA (DETNF) 11.5733% and Maersk Oil Norway, part
of A.P. Moller Maersk A/S (MAERSK-B.KO), 8.44%.
The companies must submit a unitization agreement to the
ministry by Aug. 15 reflecting Thursday's decision. If the
companies disagree with the decision, they can appeal it within
three weeks.
"The decision means that all companies will now have a vested
interest in developing and operating the field in the coming
decades, so that we achieve good resource and highest possible
value from the field," said Tord Lien, Minister of Petroleum and
Energy.
The ministry said it based its decision on subsurface work
conducted by companies and has also taken into account a review
obtained from the Norwegian Petroleum Directorate.
The field, discovered in 2010, will be a cornerstone of Norway's
oil production, set to contribute about a quarter of the country's
output in the 2020s.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@WSJNordics
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