Billion–Dollar–Oil/Gas–Deal Wintershall Buys Additional Oil and Gas Fields in Norway
Wintershall, a subsidiary of the world's biggest chemical company BASF, acquires additional shares in oil and gas fields from Statoil for US$1.25 billion. The new fields shall increase the company's daily production in Norway to around 60,000 barrels of oil equivalent.
Oslos/Norway – BASF Group company Wintershal further expands its oil and gas production and reserves in the North Sea: The company wants to acquire shares in the two producing fields Gjøa (5%) and Vega (24.5%), the development project Aasta Hansteen (24%), the Asterix discovery (19%), the Polarled pipeline project (13.2%), as well as equity in four exploration licenses in the vicinity of Aasta Hansteen from Norwegian company Statoil.
These shares in the assets comprise reserves and resources (2P/2C) of around 170 million barrels of oil equivalent (boe). In addition, the companies agreed that Wintershall will become operator of the producing field Vega, subject to the approval of the authorities and consent of the other license partners.
Wintershall Expands Oil and Gas Production in Norway
The transaction will be executed with payment of the purchase price of US $ 1.25 billion and will be financially effective retroactively to January 1, 2014. In addition, a further payment of up to US $ 50 million will be made if the Aasta Hansteen field development is executed according to the current project plan. Statoil and Wintershall signed an agreement today in Stavanger.
The closing of the transaction is expected by the end of 2014, subject to the approval of the appropriate authorities. Wintershall will thereby raise its daily production in Norway – from currently agreed that the companies will work together on the exploitation of the exploration potential in the Vøring Basin.
Cooperation with Statoil Continues
“With the acquisition of these shares in oil and gas fields, we are continuing on our growth course in Norway and intensifying the cooperation with our partner Statoil,” said Kurt Bock, Chairman of the Board of Executive Directors of BASF.