RWE AG (RWE), Germany’s second-biggest utility, sold a stake in a Norwegian oil license to Austria’s OMV AG (OMV) for as much as 283 million euros ($369 million).

RWE Dea Norge AS sold a fifth of the license for the Edvard Grieg development to OMV for 247.9 million euros plus 35 million euros if operational milestones are achieved, RWE said today in a statement. RWE Dea Chief Executive Officer Thomas Rappuhn said the sale is an “important part” of RWE’s asset-sales target.

RWE, based in Essen, is cutting costs and selling assets after German Chancellor Angela Merkel ordered a permanent halt to all nuclear reactors by 2022 following Japan’s Fukushima meltdown. The sale, subject to approval from Norway’s Ministry of Petroleum and Energy and its Ministry of Finance, is expected to be completed during the fourth quarter, according to RWE.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net