Wintershall to acquire interests off Norway

Sept 12, 2014   + + +  Wintershall has agreed to acquire a package of production, development, and pipeline interests offshore Norway from Statoil ASA for $1.25 billion.

The deal will increase Wintershall’s interests in Gjoa oil and gas field to 20% from 5% and in Vega oil and gas field to 54.5% from 30%. Both fields are in the northern North Sea. Wintershall will become operator of Vega.

The deal also will provide the company new interests of 24% in the Aasta Hansteen gas field development in the Norwegian Sea and a 19% interest in the Asterix natural gas discovery in the Norwegian Sea. Wintershall will make an additional payment of as much as $50 million if Aasta Hansteen development proceeds according to the current project plan.

Wintershall also will gain a 13.2% interest in the Polarled gas-transport system in the Norwegian Sea and 10% interests in four licenses under exploration.

Wintershall estimated the interests represent reserves and resources of 170 million boe.

Source: Wintershall, published by Oil & Gas Journal

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