Norwegian oil giant Statoil has struck a deal to farm out seven of its exploration licences in Europe to OMV.
The Austrian firm has taken 15% stakes in four of Statoil’s Faroe Island licences, and 10% of a fifth, along with 15% stakes on two Norwegian Continental Shelf areas.
Terms of the farm-out have not been disclosed, but it comes in the wake of Statoil’s £1.7billion sale of the Gullfaks and Gundrun, Rosebank and Shiehallion stakes to OMV earlier this year.
“We welcome OMV as a partner in these licences and look forward to working with them on exploring the oil and gas potential offshore the Faroe Islands,” said Statoil’s country manager Runi Hansen
“Statoil remains the largest licence holder in the Faroe Islands and we are preparing for drilling two wells in 2014.”
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