Statoil has agreed to divest its 17% non-operated interest in the Alba oil field to Verus Petroleum in order to focus on its core assets.

Located within the UK Continental Shelf (UKCS), Alba is a Chevron-operated oil field in the UK Central North Sea. It is situated about 210km north-east of Aberdeen, Scotland, at water depths of nearly 138m.

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Under the sale agreement, Statoil will continue to retain its decommissioning liabilities for the existing infrastructure at the field, while Verus Petroleum will undertake decommissioning liabilities for any new infrastructure at the site.

Statoil UK & Ireland offshore activities senior vice-president Hedda Felin said: “With this transaction we focus on core activities in line with our high-value, low-carbon strategy.

“With this transaction we focus on core activities in line with our high-value, low-carbon strategy.”

“We are committed to a broad energy portfolio in the UK, with offshore oil & gas and offshore wind projects, an active exploration programme on the UKCS, and secure supplies of natural gas.”

The divestment, which is subject to partner and regulatory approval, has been effective from 1 January this year.

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The Alba oil field produced first oil in January 1994 and since then has produced nearly 420 million barrels of oil.

Last year, Statoil’s equity production from the field was around 2,300 barrels per day.

The field comprises a fixed steel platform and a floating storage unit. It was further developed in 2001 to include the Alba Extreme South subsea production centre.

Apart from Chevron North Sea and Statoil, Mitsui E&P UK, Centrica Resources, Enquest Production, EQ Petroleum Sabah and Endeavour Energy UK holds non-operated working interests in this resource.