Statoil has completed an agreement with the 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 Shetland.
Statoil is reducing its share in Gullfaks from 70% to 51% and from 75% to 51% in Gudrun. It retains operatorship on both fields.
Statoil will also exit the non-operated Schiehallion and Rosebank fields, operated by BP and Chevron respectively.
The deal will mean Statoil can redeploy about US$7 billion of capital, about US$5.5 billion pre-2020.
In addition to the consideration of US$2.65 billion, the transaction with OMV includes a contingent payment and involves a partnership between the two companies.
Statoil expects to recognize a gain from the transaction estimated to be between US$1.3-1.5 billion.
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