The New Statoil, knowed like StatoilHydro has instituted legal from Norwegian State proceedings claiming compensation related to the construction of new facilities at the Kårstø terminal in connection with the Åsgard development in the period 1997-2000. During 2000 Norsk Agip, Fortum Petroleum, and Total issued a request for arbitration proceedings against Statoil claiming that the plaintiffs had been charged an unduly high amount related to the Kårstø development. The State, in the capacity of the owner of the State’s direct financial interest, did not take part in the arbitration proceedings, as the State in 1999 had received a declaration from StatoilHydro concerning the treatment of any later corresponding claims on the State’s part. Total withdrew from the arbitration proceedings in the autumn of 2001 in return for a declaration similar to that received by the State.
Agip and Fortum Petroleum withdrew their request for arbitration proceedings in February 2002. At the same time agreements were signed which included provisions concerning further development of fields in the Norwegian Sea and harmonising of ownership interests at Haltenbanken, where the two companies also entered as owners in Mikkel licences 092 and 121 (and the Mikkel Unit). This facilitated the development of Mikkel with tie-in and processing at Åsgard. In 2004 a similar agreement was reached with Total. According to the State, these ownership interests as of 1 January 2006 had a value of NOK 4.8 billion before tax, an amount which, according to the writ, must be value adjusted to 1 January 2008. According to StatoilHydro’s preliminary estimate, the net return on such ownership interests for the period 2002 until 31 December 2007 totals approximately NOK 7 billion before tax.
In another hand, if the Norwegian State’s primary demand is unsuccessful, the State in the writ demands a settlement of NOK 1095 million, plus five percent interest from 1 January 2006. This claim is based on the State’s valuation of 46.95 percent of the Mikkel licences 092 and 121 in 2002, inclusive of interests up to January 2006.
StatoilHydro rejects the State’s claims.
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