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Statoil sells stakes in 4 oil fields for $2.6 bln

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The Associated Press | August 19, 2013 07:53 AM EST | AP


Norway's Statoil says it has sold stakes in four North Sea oil fields for $2.6 billion. The deal is part of long-term plans to shift its focus toward more profitable – but capital-intensive – fields elsewhere on the Norwegian continental shelf.

Statoil says it will retain a majority interest of 51 percent in the Gullfaks and Gudrun fields after selling stakes of 19 percent and 24 percent, respectively, to the Austrian oil and gas company OMV.

Statoil says it is also selling OMV its 30 percent stake in the Rosebank field and 5.9 percent interest in Schiehallion as part of the deal.

Statoil said Monday it will be able to redeploy a total of $7 billion in cash for investment in more profitable oil fields.