Statoil Agreement to Divest Norwegian Shelf Assets Closed
Statoil’s agreement to divest Norwegian Continental Shelf Assets to Centrica is closed.
The transaction following Statoil’s divestment and exit from several licenses on the Norwegian Continental Shelf (NCS) in November last year is now closed. 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 assets.
Kvitebjørn / Valemon Area is a significant gas production/development hub in Norway. Statoil remains the operator of both fields.Heimdal Area: Statoil retains operatorship in Heimdal, but exit from Vale, Frigg Gamma Delta and Fulla. Heimdal is a key gas export hub in the Norwegian gas system with connections to the UK and to the continental European gas markets. Vale and Skirne fall outside Statoil’s strategic focus. The early-phase Fulla and Frigg Gamma Delta discoveries require significant focus and resources in order to commercialise them fully and are better suited being held by a regionally focussed operator. The effective date of the transaction is 1 January 2012 and the consideration to be paid by Centrica is a post-tax amount of USD 1.625 billion, including a contingent consideration of USD 100 million. Lambert Energy Advisory Ltd were sole advisors to Statoil on this process.