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.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours