It has been revealed that Statoil, Norway's state-controlled oil company, is going to reduce its stakes in different oilfields.

The company had a 75% stake in Gudrun oil fields and 70% in Gullfaks oil field in Norwegian waters. But now, it is going to reduce its stakes by 51%. Not only this, it has also been found that Statoil is selling its 30% stake in Rosebank to OMV, a smaller Austrian producer.

Peter Hutton, an analyst at RBC Capital Markets, London, has termed the Statoil's decision to be positive. Hutton explained that the decision will allow the company to raise money and that without giving up on operating control.

Moreover, the Rosebank deal is said to be saving $7 billion capital cost of Statoil. The money saved from the project is expected to be used by Statoil in other promising projects. One such interesting project is Johan Sverdrup, a Norwegian field.

Gerhard Roiss, OMV's Chief Executive, said the transaction will prove quite beneficial for them. Statoil Chief Executive Helge Lund talked about the deal, "Capital for investment in high return projects in core areas. This includes our recent discoveries on the Norwegian continental shelf". Both companies are said to work on other exploration activities.