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.
WHAT DO YOU THINK?
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.
- Big Oil Reuses Platforms in Latest Cost-Cutting Trick (Nov 15)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
- Shell, Equinor Commit to Tanzania LNG as They Await Host Accord (Oct 16)
Company: Wintershall more info
- The $20B Race to Eclipse Norway's Elite Oil Producers (Sep 13)
- Wintershall's Libya Oil Output Sharply Lower At 10,000 Bpd (Aug 28)
- Kremlin Accuses Trump of Trying to Bully Europe into Buying US LNG (Jul 12)