Statoil has completed its deal with German oil and gas company Wintershall to exit two assets in the Norwegian continental shelf (NCS).
The transaction involves a farm down in Aasta Hansteen, Asterix and Polarled as well as signing over its assets in the non-core Vega and Gjoa fields.
Statoil said it would allow it to redeploy around $1.8billion of capital expenditure from now until the end of 2020.
It will retain its operatorship and 51% equity share in the Aasta Hansteen field development project.
A spokesman said: “The transaction also includes a farm down in four exploration licenses in the Vøring area.
“The transaction consists of a cash consideration of $1.25billion and a $50million consideration contingent on Aasta Hansteen milestones.
“Through this transaction Statoil focuses its NCS portfolio and further improves its capacity to invest in core areas.”
Statoil added that, subject to government approval, the operatorship for Vega and the Vega unit will be transferred from Statoil to Wintershall.