Statoil Divests NCS Stakes for $1.6B

Statoil announced Monday that it has sold its interests on the Norwegian Continental Shelf for $1.6 billion to Centrica.

According to the terms, Centrica will acquire oil and gas fields producing up to 34,000 barrels a day of oil equivalent, an increase of approx. 25 percent, plus additional exploration acreage in Norway's North Sea. Through this deal, Centrica becomes an operator of producing assets in Norway for the first time.

"This transaction is an important further step in building the business and deploys capital to deliver value," said Centrica CEO Sam Laidlaw in a press release.

Meanwhile, Executive VP for Development and Production Norway Oystein Michelson said, "The transaction strengthens our capacity to further focus on value creating growth on the NCS, one of the world's most attractive oil and gas regions. [It] also confirms the value of NCS assets, and how we create value by concentrating our efforts on the NCS."

Centrica will pay Statoil $1.525 billion in cash and an additional payment of up to $100 million on the future performance of the Kvitebjorn asset.

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