Statoil updates on Wintershall transaction and Snorre project

Statoil

Statoil has now completed a transaction with Wintershall to farm down in Aasta Hansteen, Asterix, and Polarled, and to exit two assets – the non-core Vega and Gjøa fields – on the Norwegian Continental Shelf (NCS). The transaction will enable Statoil to redeploy US$1.8 billion of capital expenditure for the period from the effective date until the end of 2020.

Statoil monetizes on the Aasta Hansteen field development project, while retaining the operatorship and a 51% equity share. The transaction also includes a farm-down in four exploration licenses in the Vøring area.

The transaction consists of a cash consideration of US$1.25 billion and a US$50 million consideration contingent on Aasta Hansteen milestones. Subject to government approval, the operatorship for Vega and the Vega unit will be transferred from Statoil to Wintershall. The two companies expect that such operatorship transfer will take place within the end of the first quarter of 2015.

In separate news, Statoil also reports that the Snorre partnership has decided to adjust the schedule for the ongoing Snorre 2040 project by postponing the planned date for DG2 from March 2015 to October 2015.

There is no change in the timing of the final investment decision (DG3) and production start-up (DG4), which are planned for the fourth quarters of 2016 and 2021, respectively.

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