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Statoil To Sell Non-core Asset On UK Continental Shelf - Quick Facts

Norwegian energy firm Statoil ASA (STO) announced Monday that it has agreed to sell its 17% non-operated interest in the Alba oil field on the UK Continental Shelf to Verus Petroleum.

As part of the agreement, Statoil will retain its share of the decommissioning liabilities for the existing field infrastructure while Verus Petroleum will assume decommissioning liabilities for any new infrastructure.

The effective date of the transaction is January 1, 2018. Closing is subject to partner and regulatory approval.

Alba, an oil field in the UK Central North Sea that Statoil entered in 1995, is operated by Chevron. To date, it has produced around 420 million barrels of oil. Statoil's equity production in 2017 was around 2,300 barrels per day.

Hedda Felin, Statoil's senior vice president for UK & Ireland offshore activities, said, "With this transaction we focus on core activities in line with our high value, low carbon strategy. We are committed to a broad energy portfolio in the UK, with offshore oil & gas and offshore wind projects, an active exploration programme on the UKCS, and secure supplies of natural gas."

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