The agreement between the government and Phillips on behalf of the licence partnership provided the formal basis for continued pursuit of the Ekofisk II project. It contained five main points.
- The Norwegian state will receive a five per cent direct interest in PL 018 from 1 January 1999. It will also pay the same percentage of development costs for Ekofisk II.
- The liability to pay royalty on oil and natural gas liquids will cease when the 2/4 J process platform comes on stream.
- The production licence is extended to 2028.
- Operating permits for the pipelines owned by Norpipe AS are extended to 31 December 2028.
- After 2004 for oil and 2007 for gas, equity holdings in the pipelines will be 30 per cent for the Phillips group, 30 per cent for Statoil and 40 per cent for the state’s direct financial interest (SDFI).
Remote monitoring of 2/4 D“Southern fields” collaboration