News Column

Statoil Sells Oil Field Stakes

August 19, 2013

Norwegian energy group Statoil said Monday it had inked a deal to sell minority stakes in oil and gas fields off Norway and Britain to Austrian energy group OMV for 2.65 billion dollars.

After the sale, Statoil will have a 51-per-cent majority in the Gullfaks and Gudrun fields off Norway, but completely exit the Schiehallion and Rosebank fields, west of the Shetlands.

Statoil would also continue as operator in the Gullfaks and Gudrun fields, which are located in the Norwegian sector of the North Sea.

The deal would free "capital for investment in high return projects in core areas. This includes our recent discoveries on the Norwegian continental shelf," Statoil chief exective Helge Lund said.

The state-controlled Norwegian group said it estimated a gain of 1.3-1.5 billion dollars on completion of the deal, which was subject to approval from governments and partners.

The two companies also agreed to cooperate in exploration activities off Norway, Britain and the Faroe Islands.

Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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