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OMV buys oil and gas field assets from Statoil for $2.65 billion

BY NICKY REDL

OSLO -- OMV said it has agreed to buy stakes in oil and gas fields in Norway and the United Kingdom from Statoil for $2.65 billion.

The purchase price is subject to customary adjustments for the year 2013, and is expected to increase by around $500 million.

"The purchase price will be largely funded out of the proceeds generated by disposals and working capital reductions from the downstream business segments realized over the last 18 months, OMV said."

OMV has agreed to buy 19% in the producing oil and gas field Gullfaks and 24% in the oil and gas development project Gudrun on the Norwegian Continental Shelf. In addition, it has agreed to acquire 30% in the oil field development Rosebank and around 5.88% in the oil field redevelopment project Schiehallion in the United Kingdom.

OMV and Statoil have also agreed on an optional participation in 11 of Statoil' s exploration licenses in the Faroe Islands and the Norwegian North Sea. The companies have entered into a strategic research and development partnership on enhanced oil recovery.

"For the recent Shetland/Lista discovery in the Gullfaks license, a contingent payment of $6 per boe for reserves to be developed has been agreed depending on the approval of the respective development plan, OMV" added.

The Austrian company expects the transaction to close at about the end of this year, as it is subject to customary conditions, including the approval by the Norwegian Ministry of Petroleum and Energy, the Norwegian Ministry of Finance and the United Kingdom Secretary of State.

Dow Jones Newswires

08/19/2013

 

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