Statoil Completes $2.65 Billion Transaction With Austrian Oil And Gas Company

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$2,650.0MM
Description

Purchased shares in Gullfaks and Gudrun on the Norwegian Continental Shelf.

Statoil has completed a $2.65 billion transaction with Austrian oil and gas company OMV to divest shares in Gullfaks and Gudrun on the Norwegian Costal Shelf and exit Schiehallion and Rosebank fields West of Shetlands.

Statoil expects to recognize an estimated gain of $1.3-1.5 billion from the transaction, a press release said.

The transaction will enable Statoil to redeploy about $7 billion of capital expenditures. The transaction with OMV includes a contingent payment and involves a partnership between the two companies. The companies will participate in exploration in Norway, the United Kingdom and the Faroese Islands.

Statoil reduces its ownership share in Gullfaks from to 51% from 70% and 51% from 75% in Gudrun. Statoil will retain its operatorship on both fields. Statoil will also exit the non-core, non-operated Schiehallion and Rosebank fields.

Through this transaction, Statoil expects to capture through asset development and unlock capital for investment in high return projects in core areas.