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."
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