Vienna-based OMV (formerly "Österreichische Mineralölverwaltung) bought several stakes in Norway's integrated energy company Statoil. The initial value of the deal was USD 2.65 billion, but could rise to USD 500 million more to cover additional investments. The Norwegian firm sold a 19% Gullfaks stake and 24% of Gudrun stakes to Austria's OMV. Statoil also agreed to an optional cooperation of its exploration licenses. The eleven exploration permits were located in the Norwegian North Sea, West of Shetland and the Faroe Islands.
The purchase helped Statoil raise the funds it needed for capital expenditures. It is currently spending USD 19 billion to begin production of its new oil discoveries. Statoil Chief Executive Helge Lund said, "Through this transaction, Statoil captures value created through asset development and unlocks capital for investment in high-return projects in core areas."
Meanwile, the purchase allowed OMV to boost its presence in the oil industry in Norway. It also increased its probably reserves to about 19%. Gerhard Roiss, CEO of OMV, said "The transaction will provide a huge boost to OMV's strategy and will be a key factor in achieving our 2016 targets."
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