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Statoil To Sell Stakes In Several Fields Offshore Norway To OMV For $2.65 Bln

Statoil ASA (STO: Quote) said Monday that it has signed an agreement to divest minority interests in several fields offshore Norway to Austrian oil and gas company OMV for $2.65 billion in cash.

Statoil said it will divest minority interests in the Gullfaks and Gudrun fields offshore Norway and exit the non-core, non-operated Schiehallion and Rosebank fields, West of Shetlands.

In addition, the transaction with OMV includes a contingent payment and involves a partnership between the two companies. Statoil noted that it reduces its ownership share in Gullfaks to 51 % from 70 % and to 51 % from 75 % in Gudrun, and retains its operatorships on both fields.

Statoil said it expects to recognize a gain from the transaction estimated to be between $1.3 billion - $1.5 billion, to be adjusted for activity between the effective date 1 January 2013 and the closing date.

The company noted that the transaction will enable it to redeploy around $7 billion of capital expenditure, around $5.5 billion of which is pre-2020, excluding potential investments in the recent Shetland/Lista discovery at Gullfaks.

OMV is an established company on both the Norwegian or NCS and the UK (UKCS) continental shelves.

Statoil and OMV enter into a partnership including potential cooperation on exploration opportunities across Norway, the UK and the Faroese Islands as well as the development of Enhanced Oil Recovery or EOR technologies.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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