Statoil Sells Oil Assets Worth $2.65 billion

“Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high return projects in core areas. This includes our recent discoveries on the Norwegian continental shelf. We continue to deliver on our strategy to create value through active portfolio management and to further increase our financial flexibility,” says Helge Lund, Statoil’s president and chief executive officer.

Statoil plans to recognize a gain from the transaction estimated between USD 1.3-1.5 billion. The deal will allow Statoil to relocate about $7 billion of capital expenditures. Production at Gullfaks in the first half of 2013 was about 26,000 barrels of oil equivalent per day. Closing of the transaction is expected by the end of the year pending government and partner approvals..

OMV, headquartered in Vienna, is Austria’s largest listed industrial company. The company has its primary activities within Exploration & Production, Gas & Power and Refining & Marketing. OMV holds a balanced international assets in the exploration and production of hydrocarbons in 20 countries in six key regions: Central and Eastern Europe, North Africa, Northwestern Europe, the Middle East, Australia – New Zealand. OMV has been active in Norway since 2006 and holds 23 offshore licenses on the NCS, including 6 licenses awarded in 2013 as part of the 22 licensing round. 

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