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Statoil buys Total shares in oil companies in Norway

The Norwegian oil company Statoil today announced an agreement with the French company Total to acquire its holdings in several oil companies in the North Sea for 1,450 million dollars (1,215 million euros).

Copenhagen, Nov 27 (EFE) .- The Norwegian oil company Statoil today announced an agreement with the French company Total to acquire its holdings in several oil companies in the North Sea. 1,450 million dollars (1,215 million euros).

The transaction includes the purchase of 51% of Total in the Martin Linge project and 40% in the Garantiana oil field, both located on the Norwegian continental shelf.

Statoil will also receive the remaining fiscal balances with a nominal value after taxes of more than 1,000 million dollars (838 million euros), the Nordic oil company, controlled by the Norwegian state, said in a statement.

The Martin Linge project has estimated recoverable resources of 300 million euros. barrels of oil equivalent and is expected to start operating in the first half of 2019.

The Garantiana deposit has a potential of resources of between 50 and 70 million oil equivalents.

"This operation adds competitiveness to our portfolio on the Norwegian continental shelf." The Martin Linge project provides innovative solutions for strengthen security, capture value and reduce emissions, "said Arne Sigve Nylund, executive vice president of Statoil for development in Norway.

Statoil introduced the year after a net loss of 2,902 million dollars (2,698 million euros), 44% less than a year before, due to the fall in oil and gas prices.

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