Chevron acquires Norwegian North Sea assets in swap

Jul 14, 1997 02:00 AM

with StatoilJune 26, 1997 Chevron has reached agreement with Statoil to exchange equity in certain oil assets in the U.K. and Norwegian sectors of the North Sea. The exchange will become final pending approval by the British and Norwegian governments.
Through the swap arrangement, Chevron will acquire a 7.56 % interest in the Draugen oil field located in the Haltenbank area offshore mid-Norway. Chevron also expects to acquire operator status of licence P157, and Statoil's interests (ranging from 15 to 30 %) in three additional licenses in the Draugen area: PL156, PL158, PL176; plus license PL182 in the Barents Sea.
Statoil will acquire a 12 % equity in the Chevron-operated Alba oil field in Block 16/26 of the U.K. sector of the North Sea, about 130 miles north-east of Aberdeen.
"We are delighted to have reached this mutually beneficial arrangement with Statoil. Re-establishing a presence in offshore Norway is a major step towards our strategic goal of growing exploration and production in Europe," said Richard Matzke, a director of Chevron and president of Chevron Overseas Petroleum.
The Chevron executive pointed out that Alba remains a key part of Chevron's continuing focus on the core areas in the Central North Sea and West of the Shetland Islands, within the Company's strategic growth plan in Europe.

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