Statoil ASA Sells Stake In 7 Licenses To OMVHira Shahnawaz Akhtar
Statoil ASA (NYSE:STO) has signed an agreement with OMV to hand over the stakes in seven exploration licenses to OMV. Five of these licenses are located in the Faroe Islands and two of them are in Norway. Statoil and OMV had announced in August that they would cooperate in exploration activities. This agreement resulted from the discussions between the two companies.