Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade STO now with 

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.

Register
To receive FREE breaking news email alerts for Statoil ASA and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Beverages giant Coca-Cola Co. reported Tuesday a profit for the third quarter that decreased 14 percent from last year, despite higher worldwide volumes, reflecting a revenue drop. Adjusted earnings per share matched analysts' expectations, even as quarterly revenues missed their estimates. Following the announcement, the company's shares are trading more than five percent lower in early deals. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Programmable chipmaker Xilinx Inc. (XLNX) said Thursday after the markets closed that its second quarter profit rose 21% from last year, helped by higher revenue and better cost control. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue....
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.