Austrian oil and gas company OMV AG (OMV.VI) Monday said it has agreed to buy stakes in oil and gas fields in Norway and the U.K. from Norway's Statoil ASA (STL.OS) for $2.65 billion.
Austrian oil and gas company OMV AG (OMV.VI) Monday said it has agreed
to buy stakes in oil and gas fields in
Norway
and
the
U.K.
from
Norway
's
Statoil ASA (STL.OS) for $2.65 billion.
The purchase price is subject to customary adjustments for the year 2013, and
is expected to increase by around $500 million.
"The purchase price will be largely funded out of the proceeds generated
by disposals and working capital reductions from the downstream business
segments realized over the last 18 months," OMV said.
OMV has agreed to buy 19% in the producing oil and gas field Gullfaks and 24%
in the oil and gas development project Gudrun on the Norwegian Continental
Shelf. In addition, it has agreed to acquire 30% in the oil field development
Rosebank and around 5.88% in the oil field redevelopment project Schiehallion
in the U.K.
OMV and Statoil have also agreed on an optional participation in 11 of
Statoil's exploration licenses in the
Faroe Islands
and
the Norwegian North Sea. The companies have entered into a strategic research
and development partnership on enhanced oil recovery.
"For the recent Shetland/Lista discovery in the Gullfaks license, a
contingent payment of $6 per barrel of oil equivalent for reserves to be
developed has been agreed depending on the approval of the respective
development plan," OMV added.
The Austrian company expects the transaction to close at about the end of this
year, as it is subject to customary conditions, including the approval by the
Norwegian Ministry of Petroleum and Energy, the Norwegian Ministry of Finance
and the
U.K.
Secretary of State.
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