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.

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%)