The company signed a deal to sell 15% stake in the Gudrun field on the Norwegian Continental Shelf to Repsol.
Upon completion of the deal, Statoil will remain as the operator with a 36% interest in the field.
Repsol also agreed to divest 31% stake in the UK licence for Alfa Sentral, a field which spans the UK-Norway maritime border, to Statoil. The deal is subject to securing approval by the Repsol partner.
The two transactions are expected to reduce the Repsol’s capex needs while generating cash flow of €500m in the 2015-2017 period.
Statoil global strategy and business development executive vice-president John Knight said: "In the current challenging market environment, these are innovative, value-enhancing transactions which will help control costs and strengthen Statoil’s portfolio for the long term."
Statoil expects the deals to support its long-term goals for future activity, production and value creation on the Norwegian Continental Shelf.
Knight added: We are bringing a strong partner into Gudrun, an important NCS asset, and our increased interest in the Alfa Sentral development will strengthen our efforts to develop the important Sleipner area towards 2030".
Statoil expects the deal to allow for more optimal field development as well as efficient operations and cost savings.
The Norwegian firm also agreed to acquire a 13% interest in the Eagle Ford joint venture from Repsol. Statoil will become the sole operator upon completion of the transaction.
Additionally, Statoil signed an agreement with its license partners to assume operatorship of the BM-C-33 licence in Brazil’s Campos basin. The deal is subject o approval from Brazilian authorities.
Knight said: "The US and Brazil are focus areas for Statoil’s international strategy. As the sole operator in the Eagle Ford Joint Venture, we will deliver benefits for both partners."
Image: Alfa Sentral gas and condensate field located in the Norwegian Continental Shelf. Photo: courtesy of Harald Pettersen/Statoil.
