UPDATE 3-Statoil funds expansion, OMV expands output with North Sea deal

Mon Aug 19, 2013 10:01am EDT
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* Deal gives Statoil $7 bln to fund new expansion

* OMV sees over $500 mln EBIT contribution from deal

* Reduces OMV's exposure to Middle East oil

* OMV gains 320 million barrels of oil equivalents

By Balazs Koranyi and Michael Shields

OSLO/VIENNA, Aug 19 (Reuters) - Norway's Statoil sold stakes in North Sea oil fields to Austria's OMV on Monday, in a $2.65 billion deal giving the former cash to develop new projects and placing the latter on course to meet ambitious output targets.

The deal, which analysts said came at a comfortable premium, gives OMV a foothold in one of Norway's top new developments and underlines a rebound in North Sea investments driven by new discoveries, high oil prices and better recovery technology.

Statoil sold minority stakes in the mature Gullfaks field, the brand new Gudrun development, Chevron's Rosebank field in the U.K and BP's Schiehallion field for $2.65 billion but the actual price will be higher to reflect capital expenditure between January 1 and the closing of the deal.

It also agreed optional cooperation in 11 of Statoil's exploration licences in the Norwegian North Sea, West of Shetland and the Faroe Islands.   Continued...