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Statoil Reduces North Sea Assets

Statoil (NYSE:STO & OSE:STL) a large oil company controlled by the Norwegian government sold a portion of it’s North Sea assets to an Austrian company named OMV (WBAG:OMV) for $2.65 billion. Statoil is trying to reduce its fields in the Gudrun and Gullfaks (both in the Norwegian waters). According to Hutton, an analyst at RBC Capital, the company is trying to raise money and use it on other projects that might be more profitable.

Many investors are becoming more concerned about oil company’s cost in recent months. In the second quarter of 2013, investors found that there was an increase in expenses and a decrease in production. We are also seeing more competition for natural gas companies, more and more analysts are suggesting that it is the fuel of the future.