Announces asset sale for $1.3B and farms down projects
Through this transaction Statoil monetises on the Aasta Hansteen field development project, while retaining the operatorship and a 51 % equity share. In addition Statoil exits the non-core Vega and Gja fields.
The transaction includes a farm down in four exploration licenses in the Vring area. The buyer is Wintershall, a Germany-based energy company and a well-established player on the Norwegian Continental Shelf (NCS).The transaction consists of a cash consideration of USD 1.25 billion and a USD 50 million consideration contingent on Aasta Hansteen milestones. The accounting gain from the transaction is expected to be between USD 0.7-0.9 billion and will be adjusted for activity between the effective date 1 January 2014 and the closing date.
The transaction releases around USD 1.8 billion of capital expenditure for the period from the effective date until end of 2020. Statoil's production from the divested Gja and Vega assets in the first half of 2014 is 22.000 barrels of oil equivalent per day. The transaction includes a transfer of operatorship of the sub-sea field Vega. The transaction will not involve transfer of personnel.