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Statoil sells parts of four North Sea fields for $2.6B

Stockhouse Editorial
0 Comments| August 19, 2013

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(The Canadian Press) Norway's Statoil ASA (STO, Stock Forum) 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% in the Gullfaks and Gudrun fields after selling stakes of 19% and 24%, respectively, to the Austrian oil and gas company OMV.

Statoil says it is also selling OMV its 30% stake in the Rosebank field and 5.9% 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.


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