Search

Oil/Gas Industry Wintershall Acquires Shares in Oil/Gas Operations in Norway from Statoil

| Editor: Dominik Stephan

Wintershall is increasing its production in Norway: The company has recently swapped assets with Statoil of Norway, thus raising its production in Norway from approximately 3,000 boe to almost 40,000 boe per day.

Related Companies

Brage platform of the coast of Norway. Following an asset swap with Statoil, the rig will be operated by Wintershall from late 2013 on.
Brage platform of the coast of Norway. Following an asset swap with Statoil, the rig will be operated by Wintershall from late 2013 on.
(Picture: Øyvind Hagen/Wintershall)

Stavanger/Norway – Under the agreement, Wintershall now holds shares of 32.7% in the Brage field, 30% in Vega and 15% in Gjøa. In addition, with Brage, Wintershall shall take over the operatorship of a major production platform on the Norwegian Continental Shelf for the first time.

“Through the cooperation with the Norwegian company Statoil we are progressing our strategy of growing with our activities at the source,” said Rainer Seele, CEO of Wintershall. In return, Statoil receives a 15% share in the development project Edvard Grieg from Wintershall and a financial compensation of US $ 1.35 billion. An additional payment of up to US $ 100 million will be paid by Wintershall contingent on the successful development of the Vega field.

(ID:42270030)