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Statoil sold stakes in North Sea to OMV for $2.65 billion

Staff writer |
Statoil sold stakes in North Sea oil fields to OMV in a $2.65 billion deal. Statoil will get cash to develop new projects and OMV will be on course to meet output targets.

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The deal gives OMV a stake in one of Norway's biggest oil developments and underlines a rebound in North Sea investments driven by a string of new oil field discoveries.

Statoil sold minority stakes in the mature Gullfaks field, the brand new Gudrun development, Chevron's Rosebank field in the U.K and BP's Schiehallion field. OMV will cover Statoil's capital expenditure between January 1 and the closing of the deal, meaning it could be worth as much $3.15 billion.

OMV also agreed to optional cooperation in 11 of Statoil's exploration licences in the Norwegian North Sea. Statoil needs to pay for the development of the Johan Sverdrup field in the North Sea, which could hold up to 3.3 billion barrels of oil, and discoveries in Brazil, Tanzania and Norway.

OMV said it would use proceeds from divesting petrol stations in the Balkans, its lubricants business and a stockholding unit to partially fund the deal, which it said should contribute more than $500 million a year to operating profit from 2014.

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