Statoil has confirmed a massive interest and assets sell-off totalling $1.3billion.
The firm announced it will farm down part of its operated stake in Aasta Hansteen, Asterix and Polarled and will exit completely the Vega and Gjøa fields.
Germany-based Wintershall will now assume the shed interests and assets.
As part of the transaction Wintershall will post $1.25million upfront and will pay a further $50million dependent on Aasta Hansteen reaching certain milestones.
The bumper deal also includes a farm down in four exploration licenses in the Vøring area.
“We realise significant value, created through successful asset development. The transaction increases our flexibility to further strengthen our portfolio,” said Arne Sigve Nylund, president for Development and Production Norway in Statoil.
He added: “This transaction focuses our NCS portfolio and further improves our capacity to invest in core.”
Statoil also confirmed plans to invest $20billion annually over the next two years in its remaining assets, including the Gudron and Valemon projects.