Statoil completes Gullfaks, Gudrun deal with OMV


Statoil completes Gullfaks, Gudrun deal with OMV

STAVANGER, Norway -- Statoil has completed the agreement with Austrian oil and gas company OMV to divest shares in Gullfaks and Gudrun on the Norwegian Continental Shelf and exit Schiehallion and Rosebank fields West of Shetlands.

The transaction will enable Statoil to redeploy around $7 billion of capital expenditure, around $5.5 billion of which is pre-2020.

In addition to the consideration of $2.65 billion, the transaction with OMV includes a contingent payment and involves a partnership between the two companies.

Statoil reduces its ownership share in Gullfaks from 70% to 51% and from 75% to 51% in Gudrun, and retains its operatorships on both fields. Statoil also exit the non-core, non-operated Schiehallion and Rosebank fields.

Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high return projects in core areas. Active portfolio management is part of Statoil’s strategy and this transaction demonstrates the company’s ability to capitalize on successful development projects.

Statoil expects to recognize a gain from the transaction estimated to be between $1.3-1.5 billion.

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