Storting confirms Statoil’s holding

Norwegian Petroleum Museum

The Storting (parliament) voted on 9 June 1975 that Statoil should retain its 50 per cent holding in the Norwegian share of Statfjord. If no commercial discovery had been made, the state company had an option to withdraw from the licence without cost.

— The licensees' share in production license 037 (Statfjord field).

But Statfjord proved worth developing, and the exercise of its option meant that Statoil began to meet its share of the licence’s costs. The other companies had “carried” its half of the outgoings during the exploration phase, but could get this expenditure repaid once the field came on stream.

Sources
Kemp, A. (1987). Petroleum rent collection around the world. Halifax, Nova Scotia: Inst. for Research on Publ. Policy: 39.
Norge Industridepartementet. (1975). Utøvelse av Den norske stats oljeselskap a.s’ opsjon på deltakelse i utviklingen av petroleumsforekomst på Statfjord-feltet (Utvinningstillatelse for petroleum nr. 037 på blokkene 33/9 og 33/12) (Vol. Nr 114(1974/75), St.prp. … (trykt utg.)). Oslo: Industridepartementet.