Giant stampedUnion officials resign

UK-Norwegian treaty on Statfjord

person By Håkon Lavik, former Statoil
A treaty on joint exploitation and transport of petroleum from the Statfjord reservoirs – known in oil industry jargon as unitisation – was signed in Oslo on 16 October 1979.
— Norwegian and British flag
© Norsk Oljemuseum

This regulated production from the field across the boundary between the two countries in the North Sea, and followed by and large the same pattern as the treaty on joint exploitation of the Frigg reservoir, signed three years earlier.Reserves in the Statfjord reservoirs were divided between 84.09322 per cent for Norway and 15.90678 per cent for the UK. Pursuant to the unitisation agreement between the licensees, this division could be adjusted if new information warranted that. It was specified with great accuracy since even the fifth decimal place could mean a big difference in revenues over a long period.

Licensees, holdings after unitisation in 1979
Interest in per cent
Statoil 42,05
Mobil Exploration Norway 12,61
Norske Conoco 8,41
Esso Norway 8,41
Norske Shell 8,41
Saga Petroleum 1,57
Amoco Norway 0,88
Amerada Petroleum Norway 0,88
Texas Eastern Norway 0,88
Conoco North Sea 5,30
Gulf Oil Corporation 2,65
Gulf (UK) Offshore Investments 2,65
British National Oil Company (BNOC) 5,30

 

Giant stampedUnion officials resign
Published November 28, 2019   •   Updated December 12, 2019
© Norsk Oljemuseum
close Close

Leave a Reply

Your email address will not be published. Required fields are marked *