STAVANGER, Norway, Sept. 12 (UPI) -- Norwegian energy company Statoil said Friday it sold off some of its assets on the Norwegian continental shelf to its German counterpart, Wintershall.
"We have a strong portfolio of projects," Arne Sigve Nylund, president of development and production at Statoil, said in a statement. "This transaction focuses our Norwegian shelf portfolio and further improves our capacity to invest in core areas."
All told, Wintershall paid about $1.25 billion, with another $50 million contingent on development.
Statoil, one of the largest companies of its kind in the world, described Wintershall as one of the better established players on the Norwegian continental shelf.
The deal includes nine separate offshore assets. Statoil stays on as operator of five in the area and leaves fully two assets -- Gjoa and Vega.
Wintershall subsidiary, BASF, said the deal will result in an increase of its net production in Norway to 40,000 barrels of oil equivalent to 60,000 boe.
