Statoil will hold a working interest

Statoil has signed an agreement with German oil and gas company, Wintershall, to divest some of its assets located on the Norwegian Continental Shelf (NCS).

Under the deal, the company will exit its Brage licenses and farm down its stake in Gjøa and Vega, in order to acquire a 15% stake in the Edvard Grieg licence, near the Johan Sverdrup field in the North Sea.

The strategic partnership gives Statoil net proceeds of $1.45bn, including a contingent consideration of $100m relating to the production on Vega.

Statoil president and CEO, Helge Lund, said the transaction offers significant value for the company’s shareholders and demonstrates the value of its NCS portfolio.

"We continue our effort to optimise our portfolio, invest in core areas and utilise our key competencies to support our growth strategy," Lund added.

"This agreement is the beginning of a long-term strategic and technological partnership between our two companies. Together, we will develop new insights and technologies to increase value creation on the NCS and internationally."

Wintershall executive director board chairman, Rainer Seeles, said the transaction enables the company to balance its global portfolio more effectively.

Statoil will consolidate its position at Utsira High with its entry into the Edvard Grieg license (formerly Luno) and will now hold working interest in Johan Sverdrup, Dagny and Ivar Aasen.

The companies have also signed a memorandum of understanding to create a broader platform of co-operation, including projects and research into increased oil recovery. The transaction is expected to close in the second half of 2013.

Image: Statoil will hold a working interest in Johan Sverdrup, Edvard Grieg, Dagny and Ivar Aasen. Photo courtesy of Statoil.