Statoil and Norwegian state-owned firm Statkraft have signed a letter of intent that Statoil takes over as operator of the Sheringham Shoal Offshore Wind Farm from January 2017.
Statoil and Statkraft each hold a 40% share in Sheringham Shoal, with 20% held by the Edinburgh-based UK Green Investment Bank.
Statoil will also increase its share in the massive Dogger Bank offshore wind development through this deal.
Sheringham Shoal is one of the world’s 10 largest producing offshore wind farms, providing renewable energy to up to 220,000 UK homes.
Located off the coast of Norfolk, it has been in operation since 2012 and has a capacity of 317 MW.
“Taking over the operatorship for Sheringham Shoal represents a milestone for Statoil, as our first operatorship during commercial operations,” said Irene Rummelhoff, Statoil’s executive vice president for new energy solutions.
“As operator of both the Sheringham Shoal and Dudgeon offshore wind farms, located in the same area, we can further improve efficiency and increase competitiveness across the projects.”
Statoil also aims to increase its ownership in Dogger Bank from 25% to 50% through an acquisition of Statkraft’s share in the development.
The final shareholding in Dogger Bank and the transfer of Sheringham Shoal is pending partner and government approvals.
Dogger Bank is the world’s largest offshore wind development and has the potential to provide renewable energy for up to five million UK homes.
“Dogger Bank represents a unique opportunity for the UK to develop secure, sustainable and cost-competitive energy from its world-class wind resource,” said Rummelhoff.
“By increasing our share, we strengthen Statoil’s long-term portfolio materiality and gain additional optionality.
“This is in line with our strategy to gradually complement Statoil’s oil and gas portfolio with profitable renewable energy and other low-carbon solutions.”
Statoil is major investor in UK energy, including the Mariner oil development offshore Aberdeen, the largest investment on the UK continental shelf in a decade, and the Hywind pilot park offshore Peterhead in Aberdeenshire, the world’s first floating wind farm.
Statoil is also the leading exporter of oil and gas to the UK.