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.

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