Holding in Johan Sverdrup reduced – redetermination possible
[2 July 2015]
The Norwegian Ministry of Petroleum and Energy announced its decision today on the division of the Johan Sverdrup field in the North Sea between the five licensees involved.
This involves a slight reduction in the share of Petoro/the State’s Direct Financial Interest (SDFI) compared with the comprise – to which Petoro was a party – reached in February between four of the five companies. The new Petoro/SDFI holding is set at 17.36 per cent.
Jan Terje Mathisen, Petoro’s vice president responsible for Johan Sverdrup, says that the 0.48 per cent reduction is a disappointment but limited in scope.
He also notes that the ministry’s decisions refers to the agreement between the four companies responsible for the February compromise, which means that each of the partners will be able to initiate a redetermination at a later date.