Statoil, Wintershall Complete NCS Asset Deal

Norway's Statoil reported late Wednesday that it has completed its Norwegian continental shelf (NCS) asset transaction with German oil and gas firm Wintershall.

The deal included the complete divestment of Statoil's share of the Brage field, where Wintershall takes over as operator, as well as a farm down by Statoil of its Gjøa and Vega fields. In addition, it saw Statoil acquire from Wintershall a 15-percent share in the Edvard Grieg field.

Statoil said that by acquiring a share in the Edvard Grieg license it has enhanced its position as the biggest player on the Utsira High formation since it now holds shares in all the area's discoveries: Johan Sverdrup, Edvard Grieg, Gina Krog and Ivar Aasen.

The deal has also seen Wintershall commit to paying Statoil $1.45 billion.

"This transaction demonstrates how active portfolio management can realise value and provide opportunities for long-term growth and for us to boost our financial flexibility," Øystein Michelsen, Statoil's executive vice president for Development and Production Norway, said in a company statement.

"The Norwegian continental shelf is, and will continue to be, the backbone of our company. By developing new fields and increasing oil recovery, it is our ambition to continue producing more than 1.4 million barrels of oil equivalent per day from the NCS in 2020."


Have a news tip? Share it with Rigzone!


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

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Engineer
Expertise: Production Engineering
Location: Houston, TX
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours