Gulf Oil and Gas accountACCOUNT

New Transaction with Wintershall Now Completed

Source: www.gulfoilandgas.com 12/1/2014, Location: Europe

Statoil has completed the transaction with the German oil and gas company Wintershall to farm down in Aasta Hansteen, Asterix and Polarled and exit two assets—the non-core Vega and Gj?a fields—on the Norwegian continental shelf (NCS).

The transaction will enable Statoil to redeploy around USD 1.8 billion of capital expenditure for the period from the effective date until the end of 2020.

Statoil monetises on the Aasta Hansteen field development project, while retaining the operatorship and a 51% equity share. The transaction also includes a farm down in four exploration licenses in the V?ring area.

The transaction consists of a cash consideration of USD 1.25 billion and a USD 50 million consideration contingent on Aasta Hansteen milestones.

Through this transaction Statoil focuses its NCS portfolio and further improves its capacity to invest in core areas.

Active portfolio management is part of Statoil’s strategy and this transaction demonstrates the company’s ability to capitalise on successful development projects. Statoil will recognise the accounting gain at completion of the transaction. The gain will be accounted for in the fourth quarter of 2014.

Subject to government approval, the operatorship for Vega and the Vega unit will be transferred from Statoil to Wintershall. The two companies expect that such operatorship transfer will take place within the end of the first quarter of 2015.



Oil News in Norway >>

India >>  5/11/2019 - Indian refiners are about to get two very large crude carriers carrying 4 million barrels of Iranian oil this month - one each at Paradip in the east ...
Iran >>  5/11/2019 - China’s oil imports from Iran climbed to the highest in eight months in April which saw countries stock on Iranian crude before exemptions from US san...

Iran >>  4/23/2019 - China has slammed US plans to tell it and other countries to stop buying Iranian oil or face sanctions, saying Beijing's cooperation with Tehran is in...
United Arab Emirates >>  4/23/2019 - The Abu Dhabi National Oil Company (ADNOC) has signed another significant long-term sales agreement with an important end-user consumer - the Indian O...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.