RWE agrees to sell stake in Edvarg Grieg field to OMV

RWE, through its subsidiary RWE Dea Norge, has reached an agreement regarding the sale of its 20 per cent licence interest in the Edvard Grieg oil and gas field development located off the shore of Norway to OMV (Norge) for a cash purchase price of €247.9m (£200m) plus a contingent payment of up to €35m based on the achievement of certain operational milestones.

The disposal of RWE Dea’s stake in Edvard Grieg (PL338) represents further progress to create significant financial headroom for RWE.

The transaction is subject to approval by the Norwegian Ministry of Petroleum and Energy and Ministry of Finance. Completion of the transaction is expected in the fourth quarter of 2012.