- In an asset swap with no cash exchanging hands, Statoil (STO) agrees to acquire 13% of its Eagle Ford joint venture from Repsol (OTCQX:REPYF, OTCQX:REPYY), as well as a 31% equity share in the U.K. license for the Alfa Sentral field spanning the U.K.-Norway maritime border, while Repsol acquires a 15% stake in the Gudrun field offshore Norway.
- STO will remain the operator of Gudrun and largest equity holder with a 36% interest.
- STO also will assume operatorship of the BM-C-33 license in Brazil's Campos basin, pending approval from authorities.
- For STO, taking operatorship in the Eagle Ford should allow it to run the venture more cost efficiently; Repsol, which is carrying €13.1B in net debt, gets some near-term cash flow relief as well as a producing asset, and using tax losses in Norway should enhance the value of the cash flows from the Gudrun field.