Statoil has agreed to sell off stakes in the Aasta Hansteen spar development, the Polarled pipeline, and a discovery neighboring Aasta Hansteen to Germany’s Wintershall in a US$1.3 billion deal.
As part of the deal, Statoil will also exit the Vega and Gjøa fields and farm down in four exploration licenses in the Vøring area. Statoil will retain 51% interest in the Aasta Hansteen spar development project.
The move follows a string of recent “portfolio optimization activity,” which has included divestments internationally as well as on the Norwegian Continental Shelf. Last year Statoil divested its holdings in two West of Shetlands fields, Rosebank and Schiehallion. The same transaction also included shares in Gullfaks and Gudrun.
Including today’s (September 12) deal with Wintershall, total proceeds of around $20 billion have been realized through divestments since 2010, says Statoil.
The Aasta Hansteen field, in the Norwegian Sea, is being developed using spar technology. It will be the first spar development on the Norwegian Continental Shelf (NCS) and will set a depth record, being the deepest field development and export pipeline. The spar’s hull, which is being constructed alongside the topside by Hyundai Heavy Industries in Korea, will be fitted with storage for condensate, which will be loaded to shuttle tankers. Gas will be exported by Polarled, a new 480km gas pipeline from Aasta Hansteen to Hyhamma on the Norwegian coastline.
First gas is due to start production in 3Q 2017, Statoil said recently. Statoil said the investment in Aasta Hansteen and Polarled total $9.2 billion.
Today’s deal also included the Asterix find. Asterix was discovered in 2009 in the Vøring basin, in 1335m water depth. According to the Norwegian Petroleum Directorate, the most likely development solution for Asterix is a subsea template tied to the Aasta Hansteen spar.
"We realize significant value, created through successful asset development. The transaction increases our flexibility to further strengthen our portfolio," says Arne Sigve Nylund, president for Development and Production Norway in Statoil.
Statoil says it will invest about $20 billion annually in 2014-2016. This includes NCS project Gudrun, which started up April this year, while Valemon will come on stream towards the end of year. In addition projects like Aasta Hansteen and Gina Krogh are in the execution phase, while Johan Sverdrup and Johan Castberg are under planning. Exploration activity remains high with 50 exploration wells planned globally for 2014, added Statoil.
On completion, Statoil will retain 51% in Aasta Hansteen (75% before the deal), 51% in Asterix (70% before), 37.1% in Polarled (50.3% before). Statoil is selling its entire stakes in GDF Suez-operated Gjoa (5%) and Vega (24.525%), which Wintershall will take over as operator, and divesting 10% stakes each in exploration licenses 602, 603, 528, and 528 B, leaving it with 30% in 602 and 25% in the rest. 528 and 528 B are operated by Centrica.
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