The companies must now pay the state’s legal fees of NOK 17 million, in addition to their own legal costs. According to the judgment from Sør-Rogaland district court, the dispute concerned NOK one billion, reports Stavanger Aftenblad.
The case was first discussed by EnergiWatch.
Repsol and ConocoPhillips are co-owners of the field, which has yielded many billions of kroner in returns. The judgment states that the state was upheld in its interpretation of the ownership of the Visund field.
The dispute started in the 1990s, when the Visund field was planned to be developed. Originally, the state owned 50 percent of the field, while several companies owned the other half. The state increased its ownership to 65 per cent from 1 January 1995.
The two oil companies believed that the state’s increased stake to 65 per cent only applied to the oil deposits that had already been found in 1995, and that the other owners were entitled to a higher stake in the oil that was found later. The judges did not agree with this interpretation.
According to Elisabeth Fiveland in ConocoPhillips, the company will not comment on the matter. The same is stated by Grethe Elise Foldnes in Repsol Norge AS.
The appeal period has not expired, and the judgment is not legally binding. None of the companies has decided whether they will appeal the verdict.
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2024-09-20 10:54:13
