Statoil Sells Norway Assets to Wintershall

Hess To Form MLP For North Dakota Oil, Gas Transport Assets
Statoil Sells Norway Assets to Wintershall

Norway's Statoil announced Friday that it has farmed down its stakes in the Aasta Hansteen, Asterix and Polarled assets, while exiting its "non-core" Vega and Gjøa fields in a transaction with Germany's Wintershall. The deal also includes a farm down in four exploration licenses in the Vøring area.

As a result of the deal Statoil's stake in Aasta Hansteen has moved from 75 percent to 51 percent, while its interest in the Asterix field has decreased from 70 percent to 51 percent. Its stake in Polarled had changed from 50.3 percent to 37.1 percent. Statoil remains the operator at all three fields.

The cash paid by Wintershall amounts to $1.25 billion, with a further $50 million being paid contingent on certain milestones being achieved at Aasta Hansteen.

Statoil President for Development and Production Norway Arne Sigve Nylund commented in a company statement:

"We realize significant value, created through successful asset development. The transaction increases our flexibility to further strengthen our portfolio."

Statoil said the transaction will also release around $1.8 billion of capital expenditure for the period through to the end of 2020.

"We have a strong portfolio of projects. This transaction focuses our NCS [Norwegian Continental Shelf] portfolio and further improves our capacity to invest in core areas," Nylund added.

Statoil plans to invest approximately $20 billion annually between 2014 and 2016, which will include the NCS project Gudrun that started up in April of this year. Valemon will come on-stream towards the end of the year. The firm confirmed that its exploration activity remains high, with 50 exploration wells planned globally for 2014.

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
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Contracts Advisor
Expertise: Budget / Cost Control|Contracts Engineer|Supply Chain Management
Location: San Ramon, CA
Accounting Manager
Expertise: Accounting
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours