VIENNA, Nov. 1 (UPI) -- Austrian energy company OMV said it completed a $2.65 billion transaction to take over North Sea oil and gas production areas from Norwegian rival Statoil.
OMV said it acquired a 19 percent stake in the Gulfaks field and a 24 percent stake in the Gudrun field, both on the Norwegian Continental Shelf, and also took on shares in the Rosebank and Schiehallion fields, located west of the Shetland Islands.
"The transaction is a key part of OMV's strategy of focusing on exploration and production in politically stable markets and will be a substantial factor in achieving our 2016 targets," OMV Chief Executive Officer Gerhard Rois said in a statement Thursday. "We are thereby bolstering our position in the heart of our North Sea growth region."
OMV said the production contribution from the acquired assets should reach 58,000 barrels of oil equivalent per day by 2016.
"Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high-return projects in core area," the Norwegian company said.