Statoil’s agreement to divest Norwegian Continental Shelf Assets to Centrica is closed

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The FINANCIAL — The transaction following Statoil’s divestment and exit from several licenses on the Norwegian Continental Shelf in November last year is now closed.

 

According to StatOil, the buyer was the UK based energy company and established NCS player Centrica and the consideration was USD 1.525 billion.

An additional payment of up to US$100 million (£63 million) is contingent on future production performance of the Kvitebjørn asset.“This strategic move strengthens our capacity to further focus on value-creating growth on the NCS, one of the world’s most attractive oil and gas regions where recent discoveries demonstrate the substantial organic growth potential. It is important that we now focus on our core assets to be able to take on new and exciting challenges in the years to come, says Statoil executive vice president for Development and Production Norway, Øystein Michelsen. Strategic portfolio management

“In recent years we have undertaken a series of divestments and joint ventures to position Statoil as a well-capitalised, technology-focused, upstream company, very recently showcased by our divestment in Statoil Fuel and Retail, says John Knight, executive vice president for Global Strategy and Business Development in Statoil.

“Through active portfolio management we have realised substantial value and further strengthened our growth potential " says Knight.

 

 

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