Statoil will sell a 24.1% stake in Gassled joint venture for $3.2bn to Solveig Gas Norway.
Post transaction is expected to streamline Statoil's portfolio and increase capital efficiency.
Gassled owns the integrated gas transportation grid and processing facilities on the Norwegian Continental Shelf (NCS) supplying gas to the UK and consumers in the Europe.
The transaction advised by Morgan Stanley will be effective from 1 January this year.
Statoil will continue to hold a 5% stake in Gasseld on completion of the transaction.