Norway’s Statoil has raised US$2.65bn from the sale of minority interests in two of its Norwegian North Sea projects and the divestment of peripheral interests to the west of the Shetland Islands, as it continues to free up capital from current developments to fund new projects that offer potentially higher returns.
Statoil President and chief executive Helge Lund said the sale to Austria’ OMV of the stakes in the Gullfaks and Gudrun fields, which will reduce the company’s interests in the developments from 70% to 51% and 75% to 51% respectively, had furthered the company strategy in this respect and would increase its financial flexibility.
Statoil expects to recognise a gain of between US$1.3bn and US$1.5bn from the transaction, which it said would enable it to re-deploy around US$7bn of capital expenditure. Bank of America Merrill Lynch and Lambert Energy Advisory were its financial advisers on the deal.
The company added that the sale of its non-operated minority interests in the Schiehallion and Rosebank fields to the west of the Shetlands would release capital for other projects in the UK sector of the North Sea. It has now raised about US$15bn from targeted disposals since 2010.