Following the close of this transaction Statoil's holding in UK license P312 will be increased to 100%, having previously acquired stakes from First Oil in October 2015 and Talisman Sinopec in December 2015. Statoil is the operator in NCS licence PL046 with a 62% holding.
Utgard, previously known as Alfa Sentral, is a gas and condensate field spanning the UK-Norway median line. It is planned to be developed as a tie-back to existing infrastructure on the Norwegian Continental Shelf (NCS) for Sleipner, which Statoil operates.
A final investment decision for Utgard is planned before end-2016 with production start-up in 2020.
Adapted from a press release by Louise Mulhall