Our Arctic Neighbors: Norwegian independent sells out of Goliat field - October 26, 2008

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2008

Vol. 13, No. 43

Week of October 26, 2008

Our Arctic Neighbors: Norwegian independent sells out of Goliat field

Norway’s state-owned StatoilHydro has purchased independent Det norske oljeselskap’s 15-percent stake in the Goliat oil and gas field in the Barents Sea for NOK 1.1 billion ($166.9 million) after tax, the two companies announced Oct. 13. Eni Norge is the operator of the as-yet undeveloped field.

“We still have a strong belief in Goliat and deem this an advantageous project for the licensees and North Norway,” said Det norske’s CEO, Erik Haugane. “We have participated actively in the planning of the future development and are confident that Eni, in cooperation with StatoilHydro, will succeed in developing this project further. However, Det norske has chosen to prioritize other projects, i.e. projects related to recovery of new petroleum resources. … We will continue to be the most aggressive company on the Norwegian Shelf. Not in the least with regard to our continued efforts in the Barents Sea, where we are applying for new licenses in the 20th Licensing Round.”

—Sarah Hurst

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