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 |
Petoro |
Gudrun |
Statoil |
75% |
51% |
PL025, PL187 |
GdF Suez (25%) |
Schiehallion |
BP (33.35%) |
5.88% |
0% |
P 559 (in block 204/25a) directly |
Shell (54.90%) |
Rosebank |
Chevron (40%) |
30% |
0% |
P 1026 |
OMV (20%) DONG (10%) |