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Statoil planning asset sales

Wednesday, July 30 08:36:34

Norwegian oil and gas firm Statoil is working on several potential deals to sell assets by the end of the year to reduce capital commitments and realise profits on investments, business daily Dagens Naeringsliv said, quoting an internal memo.

State-controlled Statoil earlier this year slashed growth plans to save cash after years of sharp spending increases, and said it may sell some assets as it reduces capital commitments by $5 billion over three years.

Last week Statoil said asset sales were a key plank in its plans to return cash to shareholders. When asked about the internal memo, Statoil said its plans to sell assets are known.

Statoil has been selling assets steadily over the past few years, raising over $18 billion in proceeds between 2009 and 2013 on deals such as the sale of its retail chain to Canada's Alimentation Couche-Tard and the sale of producing assets to Britain's Centrica and Austria's OMV .

The firm, one of the world's most successful offshore explorers in recent years, has made a string of big discoveries in places such as Brazil, Canada, Norway and Tanzania, which will require heavy spending for years to come, placing a burden on its cash flow. (Reuters)

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