Norway's Statoil has entered into agreement with German Wintershall regarding the sale and acqusition of licences on the Norwegian Continental Shelf.
Statoil has signed an agreement to exit the Brage licences, farm down in Gjøa and Vega and acquire a 15 % stake in the Edvard Grieg licence near the Johan Sverdrup field in the North Sea.
The consideration to be paid by Wintershall includes a contingent consideration of USD 100 million relating to the production on Vega.
The transaction with the German oil and gas company gives Statoil net proceeds of USD 1.45 billion, and begins a strategic partnership between Statoil and Wintershall.
"This transaction realises significant value for our shareholders, demonstrates the value of our NCS portfolio, and further enhances the financial flexibility of Statoil. We continue our effort to optimise our portfolio, invest in core areas and utilise our key competencies to support our growth strategy," says Helge Lund, Statoil's president and chief executive officer.
Wintershall is an established player on the Norwegian continental shelf (NCS). As part of the agreement, Wintershall will take over the operatorship of Brage, subject to authority approval.
"Through the cooperation with Statoil, we are taking a big step forward in realising our growth strategy and expanding our activities at the source. This enables Wintershall to become one of the leading producers in Norway and balances the global portfolio even more effectively," Rainer Seele, Wintershall's chairman of the board of executive directors said.
As part of the transaction, Statoil and Wintershall have signed a Memorandum of Understanding (MoU) to create a broader platform of co-operation including projects and research into Increased Oil Recovery (IOR).