Statoil (NYSE: STO) Sells Oil and Gas Assets

Written By Jason Stutman

Posted August 19, 2013

Statoil Sells Oil and Gas Assets to OMV

Statoil ASA (NYSE:STO) has sold multiple oil and gas assets to Austria’s OMV AG (OMV.VI). Purchased assets include a 19 percent stake in the producing Gullfaks field as well as partial ownership in three development projects.

OMV will receive a 30 percent stake in Rosebank, a 24 percent stake in the Gudrun project located in the Norwegian Continental Shelf, and a 6 percent stake in project Schiehallion in the U.K. The current purchase price for the transaction is $2.65 billion, plus an additional $500 million after expected customary adjustments.

U.S. Oil War

It’s no secret that the Bakken and Eagle Ford Shales have helped to make the U.S. a global energy powerhouse in recent years. But a new contender in shale is looking to take the crown. Between January and May of this year, the Permian Basin has produced more barrels per day than the Bakken, and also the Eagle Ford. And of all the oil fields in the Permian Basin, it is the Spraberry field that is carrying the most weight on its shoulders by boosting production at the fastest rate. For more about Spraberry investment opportunities, make sure to read the following article on the Top U.S. Shale Plays. 

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