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Statoil ASA Sells Minority Interests in Gullfaks and Gudrun Fields to OMV AG


Monday, 19 Aug 2013 02:01am EDT 

Statoil ASA announced that it has signed an agreement to 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 to the cash consideration of USD 2.65 billion, the transaction with Austrian oil and gas company OMV includes a contingent payment and involves a partnership between the two companies. Statoil reduces its ownership share in Gullfaks from 70% to 51% and from 75% to 51% in Gudrun, and retains operatorships on both fields. Statoil expects to recognize a gain from the transaction estimated between USD 1.3 billion and USD 1.5 billion, to be adjusted for activity between the effective date January 1, 2013 and the closing date. The transaction will enable Statoil to redeploy approximately USD 7 billion of capital expenditure, approximately USD 5.5 billion of which is pre-2020. OMV is an established company on both the Norwegian (NCS) and the United Kingdom (UKCS) continental shelves. Statoil and OMV enter into a partnership including potential cooperation on exploration opportunities across Norway, the United Kingdom and the Faroese Islands as well as the development of Enhanced Oil Recovery (EOR) technologies. The effective date for the transaction is January 1, 2013. Closing is expected around year end 2013. Bank of America Merrill Lynch and Lambert Energy Advisory Limited were financial advisors to Statoil on this transaction. 

Company Quote

21.83
-0.38 -1.71%
26 Nov 2014