OMV buys key Statoil fields for at least $2.65 bn

Norway's Statoil has sold stakes in several key oil fields to OMV, freeing at least $2.65 billion for capital expenditure and boosting the Austrian firm's presence in Norway's booming oil industry.

Statoil sold 19 per cent of Gullfaks, 24 per cent of Gudrun and agreed optional cooperation in 11 of Statoil's exploration licenses in the Norwegian North Sea, West of Shetland and the Faroe Islands.

The deal, which includes a firm $2.65 billion, could increase by a further $500 million to cover additional investments, freeing cash for Statoil as it spends $19 billion on bringing a string of new discoveries into production.

"Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high-return projects in core areas," Statoil CEO Helge Lund said.

However, it will also make it more difficult for Statoil to reach its target of lifting production to 2.5 million barrels of oil equivalents (boe) by 2020, from about 2 million last year. For OMV, meanwhile, the deal lifts its proven and probable reserves by about 320 million boe, or about 19 per cent, and will boost production by about 40,000 barrels in 2014 and almost 60,000 barrels in 2016.

OMV, which produced about 297,000 boe per day in the second quarter, targets production of 350,000 boe per day by 2016.