Statoil updates on NCS transactions

Statoil

Statoil ASA (OSE: STL, NYSE: STO) has farmed down in Aasta Hansteen, Asterix, and Polarled and has exited two assets on the Norwegian Continental Shelf (NCS) for a consideration of $1.3 billion, including contingent payment.

Through this transaction, Statoil monetizes on the Aasta Hansteen field development project, while retaining the operatorship and a 51 % equity share. In addition, Statoil exits the non-core Vega and Gjøa fields. The transaction includes a farm down in four exploration licenses in the Vøring area. The buyer is Wintershall, a Germany-based energy company.

The effective date for the transaction is Jan. 1. Closing is expected around year’s end, pending government approval.

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