Statoil Sells of Stakes

In an effort to focus resources and improve its balance sheet , Statoil has sold portions of its license shares in six oil and gas fields located throughout the Norwegian continental shelf.

The sell-off netted Statoil USD 180 million (NOK 1.7 billion) on gross proceeds of USD 220 million (NOK 2.1 billion). Among the buyers was Gaz de France, making its debut as a player in Norwegian waters. The French company acquired a 20 percent stake in the Njord field in the Norwegian Sea and a 12 percent stake in Snow White, a promising area in the untapped Barents Sea.