OMV acquires Statoil North Sea assets for US$2.65 billion

OMV

OMV, an integrated, international oil and gas company, has reached an agreement with Norwegian company Statoil to acquire assets in Norway and the UK (West of Shetlands area) for US$2.65 billion, in its largest deal on record for stakes in four North Sea oil and gas fields as it seeks stable output after disruptions in Libya and Yemen.

The transaction will materially enhance OMV’s upstream portfolio. The deal includes 24% of Statoil’s Gudrun field and 19% of its Gullfaks field, as well as options on 11 exploration licenses. OMV will take over 30% in Rosebank and 5.877% in Schiehallion, both fields located west of the Shetland Islands.

An integral part of the transaction is a research and development partnership with Statoil to develop new technologies for the exploration of oil and gas from mature fields.

Statoil, Norway’s biggest energy company, will use the deal to redeploy about $7 billion of capital expenditures, it said. The company is expanding abroad and moving into unconventional resources such as shale oil and gas to meet targets.

The deal, set to be completed at the end of the year, will increase OMV’s proven and probable reserves by about 320 million barrels of oil equivalent, the company said.

 

 

 

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