BP and Statoil exchange North Sea assets

June 26, 1997 Statoil and BP have reached agreements on equity transactions in the UK and Norway. Subject to final Board and Governmental approvals in both countries, BP will assume Statoil's interests in three producing fields in the Norwegian sector of the North Sea, in return for Statoil accepting a mixture of BP's interests in the UK and Norway.
BP will take over Statoil's 12.5 % interest in the BP-operated Ula oilfield, its 20 % interest in the BP-operated Gyda oilfield and 7.56 % out of Statoil's interest in the Draugen oilfield. BP's interests (Including Ula & Gyda equity acquired from Norske Conoco) in those fields increases to 80 % in Ula, to 56 % in Gyda, and to 18.36 % in Draugen.
Ula currently produces on average a total of 38,000 bpd of oil, Gyda 45,000 bpd, and Draugen 175,000 bpd. The additional equity in these three fields adds 25,000 bpd to BP's current net production of about 65,000 bpd in Norway.
In return, Statoil will assume BP's 16.9 % interest in the Jupiter gas fields in the UK's southern North Sea. Statoil will take over BP's equity interest in Norway's Kvitebjorn gas field. Statoil will also take over BP's 3.9 % interest in the Glitne field (PL 048), where Statoil recently took over the operatorship from Norsk Hydro. Also included in the transaction is BP's interest in the Norwegian exploration license PL 152 (block 33/12) in the Statfjord Area and its interest, including operatorship, in PL 196 (blocks 35/6 and 36/4) north of the Troll field.