Norwegian operator Statoil said it has received an expert calculation of revised tract participation’s for the Agbami field in Nigeria.
The calculation will result in a reduction of 5.17% in Statoil’s equity interest in the field from 20.21% to 15.04%.
The company previously initiated arbitration proceedings to set aside interim decisions made by the expert.
Statoil said a decision received from the arbitration tribunal earlier this month showed it had declined to set aside the expert’s interim reports.
The Norwegian player is now assessing the position in relation to the expert’s decision and the decision of the arbitration tribunal.
Statoil said it has so far made an accrual of NOK7.5billion.
A spokesman said: “Assuming implementation in accordance with the Expert ruling, Statoil will have to compensate other equity owners at Agbami of about NOK 1.6 billion in addition to the
accrual as of end third quarter 2015.
“Eventual settlement of any imbalance amount will be made over time through cash-calls issued by the unit operator.”