The agreement, which was signed on 8 March, means that Statoil will have a 75 per cent interest in the licence following this transaction. The other licensees are ExxonMobil with 15 per cent and ConocoPhillips with 10 per cent.
Several finds have been made in this area, including a substantial discovery in Luva in 1997.
"Statoil wants to strengthen its position in deep water in the Norwegian Sea," says Tim Dodson, senior vice president for exploration on the Norwegian continental shelf. "This area is expected to be an important area for gas in the future."
Through this transaction, Statoil is strengthening its position in terms of future export solutions for gas from this region.
Mr Dodson adds that, as a step in the development of the Luva find, it will be necessary to drill a new exploration well on an attractive prospect nearby. Plans call for the well to be drilled as early as 2007/2008.
The Luva field is located about 240 kilometres west of Bodø. The licence was awarded in 1996.
The water depth in the area is around 1,300 metres, and the reservoir is 2,800 metres beneath the seabed. Recoverable reserves in the field are put at some 38 billion cubic metres of gas.
The parties have agreed not to disclose the purchase price.
The agreement is conditional on approval by the authorities.
Cautionary Note to US Investors -- The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. In this press release we refer to reserves that the SEC's guidelines strictly prohibit us from including in filings with the SEC. US investors are urged to consider closely the disclosure in our Form 20-F, available from us at our registered address Forusbeen 50, 4035 Stavanger, Norway. You can also obtain this form from the SEC by calling 1-800-SEC-0330.