Statoil Sells Minority Interests Offshore Norway to OMV for $2.65 Billion

Norway’s Statoil ASA sold minority interests in the Gullfaks and Gudrun fields to Austria’s OMV, reads a note released on Monday referring to the two fields offshore Norway. 

“Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high return projects in core areas,” commented Helge Lund, Statoil’s president and chief executive officer, adding that the company will focus its attention on the recent discoveries on the Norwegian continental shelf.

The transaction with OMV includes a partnership between the two companies in the two fields, where Statoil will remain the operator with 51% of ownership share. Statoil sold also non-operated Schiehallion and Rosebank fields in West of Shetlands. West of Shetlands is one of the main core growth areas in the UK Continental Shelf for GDF Suez E&P UK. 

Statoil and OMV enter into a partnership including potential cooperation on exploration opportunities across Norway, the UK and the Faroese Islands.

“Statoil is pleased to strengthen the partnership with OMV on the Norwegian Continental shelf,” said Lund.

According to the note, the Norwegian company estimates it will gain between $1.3-1.5 billion. The transaction amounts to $ 2.65 billion.

In another note, Statoil reports also a gas discovery in the Smørbukk North prospect at Haltenbanken in the Norwegian Sea.