Transaction with OMV now completed
The transaction will enable Statoil to redeploy around USD 7 billion of capital expenditure, around USD 5.5 billion of which is pre-2020.
In addition to the consideration of USD 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 exits 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 capitalise on successful development projects.
Statoil expects to recognize a gain from the transaction estimated to be between USD 1.3-1.5 billion.
GdF Suez (25%)
P 559 (in block 204/25a) directly
OMV (20%) DONG (10%)