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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 8 pages

Country: Norway

Sector: Exploration and Production (Energy)
Statoil to Acquire 15% Interest in Edvard Grieg Oil Field in Norway North Sea from Wintershall in Swap Transaction – Deal Analysis from GlobalData

Summary

Statoil ASA (Statoil) agreed to acquire a 15% interest in the Edvard Grieg oil field (formerly Luno field) located in the North Sea, offshore Norway, from Wintershall Norge ASA (Wintershall), a wholly owned subsidiary of Wintershall Holding GmbH, in exchange of its 32.7% interest in Brage, 15% interest in Gjoa and a 30% interest in the Vega oil and gas-producing fields. The acquisition will enable Statoil to increase its stake in the offshore oilfield portfolio in Norway. Lambert Energy Advisory Ltd is acting as strategic advisor to Statoil in the transaction. The transaction is expected to be completed in the second half of 2013, subject to pending government approval. The effective date will be 1 January 2013.

Scope

- Rationale behind Statoil acquiring 15% interest in Edvard Grieg Oil Field in North Sea, Offshore Norway, from Wintershall, in swap transaction.
- Rationale behind Statoil divesting 32.7% interest in Brage, 15% interest in Gjoa and a 30% interest in the Vega oil and gas-producing fields.
- Geography Covered- Norway

Reasons to buy

- Develop a sound understanding about Statoil acquiring 15% interest in Edvard Grieg Oil Field in North Sea, Offshore Norway, from Wintershall, in swap transaction.
- To know about how the transaction will help Statoil in realizing the value of its non-core assets and securing long-term growth in the Norwegian Continental Shelf (NCS).
- To have an understanding of how the present transaction will increase Wintershall's daily production from its current figure of around 3,000boepd to around 40,000boepd in 2013.
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