offshore

Statoil has signed a deal to sell its stake in offshore oil and gas fields located in Norway and the UK to OMV for $2.65bn.

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

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."

According to the agreement, the company will sell its minority stakes in the Gullfaks and Gudrun field offshore of Norway, and exit the non-core, non-operated Schiehallion and Rosebank fields, west of the Shetlands Isles.

"The sale will allow the company to redeploy approximately $7bn of capital expenditure."

The company will reduce its ownership interest in Gullfaks from 70% to 51% and from 75% to 51% in Gudrun, and retain its operatorship on both fields.

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.

The sale will allow the company to redeploy approximately $7bn of capital expenditure, around $5.5bn of which is pre-2020.


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

Nri energy