Statoil, OMV complete North Sea deal

Norway’s Statoil ASA reported the completion of a $2.65 billion deal with OMV AG of Austria to divest certain assets in the North Sea and Atlantic margin (OGJ Online, Aug. 19, 2013). As part of the deal, OMV also has taken options on 11 exploration licenses.

In addition to acquiring assets in the North Sea off Norway and UK West of Shetlands, OMV will establish a research and development partnership with Statoil to take advantage of OMV’s comprehensive expertise in onshore enhanced oil recovery and Statoil’s experience with EOR offshore, the companies said.

Statoil sold its shares in Gullfaks and Gudrun fields on the Norwegian continental shelf. It reduced its ownership share in Gullfaks to 51% from 70% and to 51% from 75% in Gudrun; it will retain its operatorships on both fields. Statoil also will exit the noncore, nonoperated Schiehallion and Rosebank fields.

Statoil said the transaction will enable it to redeploy $7 billion of capital expenditure, $5.5 billion of which is pre-2020.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring


The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected