Scotland business

Statoil sells off oil field stakes west of Shetland Islands

Gullfaks B platform
Image caption Statoil said it remained committed to growing its business on the UK Continental Shelf

Norwegian company Statoil has announced it is exiting two oil fields west of the Shetland Islands.

The firm is selling its 30% stake in the Rosebank field and 5.88% interest in the Schiehallion field to Austrian oil and gas company OMV.

The move is part of a wider deal with OMV which involves Statoil reducing its majority shares in the Gullfaks and Gudrun fields off Norway.

Statoil described the Rosebank and Schiehallion fields as "non-core".

The overall deal includes a cash consideration of $2.65bn (£1.69bn) and a "contingent payment".

Schiehallion lies on the Atlantic margin, about 150km (93 miles) west of Shetland.

Remains committed

The Rosebank discovery is located about 160km (100 miles) north-west of the Shetland Islands.

In a statement, Statoil said it remained committed to growing its business on the UK Continental Shelf.

Among its interests is the Mariner heavy oil field, which lies about 150km (93 miles) east of the Shetland Isles.

It expects to start production from Mariner in 2017 and the field is expected to produce for 30 years.

The company said: "By divesting non-core, non-operated developments in the West of Shetlands, Statoil further focuses its UK portfolio."

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