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Norwegian oil and gas company Statoil has completed the sale of its stake in offshore oil and gas fields Gullfaks and Gudrun to OMV, for around $2.65bn.

As part of the deal, Statoil has sold minority stakes in the fields on the NCS and exited the non-core, non-operated Schiehallion and Rosebank fields, west of the Shetlands Isles.

In addition, the deal with OMV includes a contingent payment and also involves a partnership between the two companies.

With completion of deal, Statoil’s ownership share will be reduced to 51% from 70% in Gullfaks and from 75% to 51% in Gudrun, and retain its operatorship for both fields.

The company plans to use cash from the divestment to invest in high-return projects in core areas, such as its recent Norwegian continental shelf discoveries.

The transaction will allow Statoil to redeploy about $7bn of capital expenditure, of which $5.5bn is pre-2020.

Statoil expects a gain from the transaction of $1.3bn-$1.5bn, to be adjusted for activity between the effective date of 1 January 2013 and the closing date.

Statoil president and CEO Helge Lund said: "We continue to deliver on our strategy to create value through active portfolio management and to further increase our financial flexibility."

Image: Map showing Gullfaks and Gudrun fields, offshore Norway. Photo courtesy of Statoil.