Statoil: Transaction to realise value and secure long-term

Statoil: Transaction to realise value and secure long-term growth on
the NCS 
STAVANGER, NORWAY -- (Marketwire) -- 10/22/12 --  Statoil ASA (OSE:
STL, NYSE: STO) has signed an agreement to exit the Brage licences,
farm down in Gjoa and Vega and acquire a 15 % stake in the
Edvard
Grieg licence near the Johan Sverdrup field in the North Sea.
This transaction
with the German oil and gas company Wintershall gives
Statoil net proceeds of
USD 1.45 billion, and begins a strategic
partnership between Statoil and Wintershall. 
The consideration to be paid by Wintershall includes a contingent
consideration
of USD 100 million relating to the production on Vega. 
"This transaction realises significant value for our shareholders,
demonstrates
the value of our NCS portfolio, and further enhances the
financial flexibility
of Statoil. We continue our effort to optimise
our portfolio, invest in core
areas and utilise our key competencies
to support our growth strategy," says
Helge Lund, Statoil's president
and chief executive officer. 
Wintershall is an established player on the Norwegian continental
shelf (NCS).
As part of the agreement, Wintershall will take over the
operatorship of Brage,
subject to authority approval. 
"Through the cooperation with Statoil, we are taking a big step
forward in realising our growth strategy and expanding our activities
at the source. This
enables Wintershall to become one of the leading
producers in Norway and balances the global portfolio even more
effectively," Rainer Seele, Wintershall's chairman of the board of
executive directors said. 
The effective date will be 1 January 2013. Statoil's production from
the divested assets in the first half of 2012 is 39 kboed. The
transaction is expected to close in the second half of 2013, pending 
government approval. 
Optimising the NCS portfolio 
The transaction delivers on important building blocks in Statoil's
strategy to
further revitalise the NCS with high value barrels, and
create value through
active  portfolio management. 
"The NCS is and will continue to be the backbone of our company. By
developing
new fields and increasing oil recovery, it is our ambition
to continue producing
more than 1.4 million barrels of oil equivalent
per day in Norway in 2020. This
transaction enables a more focused
portfolio on the NCS and positions us for
further growth," says
Oystein Michelsen, Statoil's executive vice president for Development
& Production Norway. 
Consolidating position in Johan Sverdrup area with new asset 
By entering the Edvard Grieg licence (formerly Luno), Statoil will
consolidate
its position as the largest player on the Utsira High.
Statoil will now hold a working interest in all discoveries in this
area: Johan Sverdrup, Edvard Grieg,
Dagny and Ivar Aasen. 
"The Norwegian continental shelf is a world class oil and gas region
and with a giant discovery like Johan Sverdrup, the Utsira High has
proved to be one of its most prospective areas. Adding Edvard Grieg
to the portfolio further strengthens
our industrial position for
long-term value creation in this area. Developing
 the Utsira High
area will be one of the major undertakings for Statoil in decades to
come," says Michelsen. 
Entering partnership 
As part of the transaction, Statoil and Wintershall have signed a
Memorandum of Understanding (MoU) to create a broader platform of
co-operation including projects and research into Increased Oil
Recovery (IOR). 
"This agreement is the beginning of a long-term strategic and
technological partnership between our two companies. Together, we will
develop new insights
and technologies to increase value creation on
the NCS and internationally,"
says Lund. 
"With our cooperation in research activities to increase production
from oil
fields and to examine the offshore application of innovative
technologies being
developed by Wintershall and BASF we want to create
added value," says Seele. 
In addition, the parties have agreed to cooperate in research on
unconventional
hydrocarbon deposits. As part of this cooperation,
Statoil will receive a 49
percent share in the Wintershall
concessions Rhineland and Ruhr in Germany. 
Change of operatorship on Brage 
As part of the agreement, Wintershall will take over the operatorship
of the
Brage oil field 1). The development encompasses an integrated
accommodation,
processing and drilling installation, and involves
approximately 150 employees
offshore and onshore. 
"With our ambition to become the new operator of Brage, we are making
headway in expanding Wintershall-operated production in Norway. We
want to be active on the NCS and invest in the long term, establish
ourselves as a partner - and take on responsibility. Wintershall
focuses on the entire E&P life cycle. We believe in the potential of
the Norwegian continental shelf", says Bernd Schrimpf,
Managing
Director of Wintershall Norge AS. 
Statoil and Wintershall will work closely together to ensure a safe
and efficient hand-over of the operatorship of Brage. The transaction
will not result in any redundancies. 
The transaction 


 
           Farm-downs
 
  Gjoa                    20% - 5%
 
  Vega Unit               54% - 24%
 
  PL090C                  45% - 15%
 
  PL248 and PL248B        60% - 30%
 
               Exit
 
  Brage                  32.7% - 0%
 
            New asset
 
  Edvard Grieg             0% - 15%

 
1) Subject to approval of the authorities 
Edvard Grieg field is an oil field located in the North Sea. 
*
Plan for development and operation (PDO) approved in June 2012 
* First production is expected in late 2015, with a forecast gross
peak     production of approximately 100,000 barrels of oil per day. 
* Lundin Norway AS is the operator with a 50 per cent working
interest.     Following this transaction, Statoil and  Wintershall
will hold 15 per cent 
each and OMV will hold a 20 per cent
interest, pending approvals. 
Gjoa is an oil and gas field in the North Sea. 
* The field is
developed with a semi-submersible production platform and five 
sub-sea templates. 
* Statoil was operator in the field development phase. 
* GDF SUEZ E&P Norge assumed operatorship at production start-up. 
Vega and Vega South are gas and condensate fields in the North Sea.
These fields
developed with three seabed templates, sending gas and
condensate to the Gjoa
platform. Statoil will remain operator. 
Lambert Energy Advisory Ltd were sole advisors to Statoil on this
process. 
A press briefing will be held by Statoil and Wintershall at 12.00 CET
at Statoil's main office, Forus East, Stavanger. Video conference will
be available
at Statoil's offices at Fornebu and in Bergen. 
Statoil ASA, is an international energy company with operations in 36
countries.
Building on 40 years of experience from oil and gas
production on the Norwegian
continental shelf, we are committed to
accommodating the world's energy needs in a responsible manner,
applying technology and creating innovative business solutions. We
are headquartered in Norway with approx. 21,000 employees worldwide,
and are listed on the Oslo and New York stock exchanges. 
Wintershall, based in Kassel, Germany, is a wholly-owned subsidiary
of BASF in
Ludwigshafen. The company has been active in the
exploration and production of
crude oil and natural gas for over 80
years, with activity in Europe, North Africa, South America, Russia,
the Caspian Sea region and the Middle East. Its
subsidiary
Wintershall Norge AS is one of the largest licence holders in
Norway
with over 40 licences and more than 20 operatorships. The
company is based in
Stavanger and employs more than 200 staff before
this transaction. 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
Presentation NCS transaction: 
http://hugin.info/132799/R/1650898/532482.pdf 
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants
that: 
(i) the releases contained herein are protected by copyright and    
other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and     
originality of the information contained therein. 
Source: Statoil via Thomson Reuters ONE 
[HUG#1650898] 
For more information: 
Investor relations
Hilde Merete Nafstad
senior vice president, Investor Relations
Tel: +47 957 83 911 
Lars Valdresbraten
IR officer, Investor Relations
Tel: +47 402 81 789 
Morten Sven Johannessen
vice president, Investor Relations
Tel: + 1 (203) 570-2524 
Media
Jannik Lindbaek Jr
vice president, Media Relations
Tel: +47 97755622 
Ola Anders Skauby
press spokesperson, Media Relations
Tel: +47 905 98 519
 
 
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