Statoil Completes Norwegian Shelf Divestment

Oil and gas major Statoil has announced that it has completed the divestment of several projects on the Norwegian Continental Shelf with the complete withdrawal from a number of licences.

The agreement to divest the licences, which was initiated last year with Centrica, is fully completed now. The agreement was made for a $1.525 billion consideration from Centrica. Centrica may also pay out an additional $100 million contingent on future production from the Kvitebjørn gas and condensate field.

As part of the deal, Centrica takes Statoil's stakes in several licences, including the Fulla, Vale and Rind fields, as well as a farm-down on three fields, the  Kvitebjørn, Heimdal and Valemon fields.

Despite the reduction in its stake in the Heimdal field, Statoil will remain operator of the licence, which it describes as a "key gas export hub in the Norwegian gas system."

Statoil's executive vice president for Development and Production Norway, Øystein Michelsen, says the divestment will allow the company to focus its attention on other projects on the Norwegian shelf.

"This strategic move strengthens our capacity to further focus on value-creating growth on the NCS, one of the world’s most attractive oil and gas regions where recent discoveries demonstrate the substantial organic growth potential. It is important that we now focus on our core assets to be able to take on new and exciting challenges in the years to come," he said.