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Statoil sells Nordic oil fields for $2.6 billion

Statoil sells Nordic oil fields for $2.6 billion

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On Monday Statoil made a deal to sell its minority interests in some oil fields on the Norwegian continental shelf. The cost of the deal totaled $2.6 billion, and the proceeds will be used in more high revenue businesses, sources say.

The assets being sold include Gullfaks and Gudrun fields offshore Norway and the Schiehallion and Rosebank fields, West of Shetlands, to Austrian oil and gas company OMV.

“Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high return projects in core areas, We continue to deliver on our strategy to create value through active portfolio management and to further increase our financial flexibility.” Said Statoil CEO Helge Lund in a statement released by the company.

The anticipated gain from the transaction is stated to be in the range of $1.3 billion to $1.5 billion, to be adjusted for activity between the effective date Jan. 1, 2013 and the closing date which is later this calendar year pending regulatory approvals.

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