Statoil Strengthens Ties With OMV, Keeps Divestment in Norway

Norway’s Statoil signed an agreement to farmout seven exploration licences to OMV. The transaction is part of a broader agreement with the Austrian company. 

“This is part of Statoil's active portfolio management. We welcome OMV as a partner in these licences and look forward to working with them on exploring the oil and gas potential offshore the Faroe Islands. Statoil remains the largest licence holder in the Faroe Islands and we are preparing for drilling two wells in 2014," Runi M. Hansen, country manager for the Faroe Islands and Greenland in Statoil, said in a note released on Monday. 

The Norwegian oil and gas company also farmed out 15% interest to OMV in PL359, which contains the Luno II discovery, and PL410 on the Norwegian continental shelf. The parties have agreed not to disclose the commercial terms of the agreement.

Last Thursday, Statoil reduced its ownership share in four fields in the North Sea.

Erna Solberg won the recent Norwegian elections expressing her intention to sell public stakes in Statoil and promote changes in the energy market. Experts foresee that the country will pave the way to more competition in the national gas market. This would be part of a broader change of direction in national energy policies.