Statoil and Total have reached agreement on asset swap in the Barents Sea. Statoil acquires 10% equity in PL535 in exchange for 10% equity in PL395.

Production licenses PL395 and PL535 are situated on the Bjarmeland Platform in the central Barents Sea, where both companies have proved gas resources: Ververis discovery in PL395 (2008) and Norvarg discovery in PL535 (2011). In PL535 there is also an ongoing appraisal well Norvarg II.

“The Bjarmeland area has an interesting resource potential which may become important for future gas developments in the Barents Sea. We believe that this transaction creates an interesting platform for future opportunities in this area,” says Gro Haatvedt, senior vice president exploration Norway.

The agreement is subject to approval by the Norwegian Ministry of Petroleum and Energy.