Skip to main content

Transaction with OMV now completed

October 31, 2013, 14:51 CET


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.

Transaction overview

Field

Operator

From

To

Licenses

Partners

Gullfaks

Statoil

70%

51%

PL050
PL050B
PL050C
PL050D
PL037B
PL037E
PL152
PL277

Petoro
(30%)

Gudrun

Statoil

75%

51%

PL025, PL187

GdF Suez (25%)

Schiehallion

BP (33.35%)

5.88%

0%

P 559 (in block 204/25a) directly
P 556 via UUOA
P 803 via UUOA

Shell (54.90%)
OMV (5.88%)

Rosebank

Chevron (40%)

30%

0%

P 1026
(in blocks 213/26b and 213/27a)
P 1191 (in block 205/1A)
P1272 (in block 205/2A)

OMV (20%) DONG (10%)