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Transaction completed between
Wintershall and Statoil
BASF
subsidiary acquires shares in oil and gas fields
in the Norwegian North
Sea for US$1.25 billion
Production in Norway rises to
60,000 barrels of oil equivalent per day
Dec. 01, 2014
+ + + BASF Group company Wintershall is continuing its
growth course in Norway. By acquiring shares in the production fields Gjøa
(5%) and Vega (24.5%), Wintershall is increasing its production in Norway
from about 40,000 barrels of oil equivalent (boe) to about 60,000 boe per
day. In addition, Wintershall is taking over shares in the Aasta Hansteen
development project (24%), the Asterix discovery (19%), the Polarled
pipeline project (13.2%) and in four exploration licences near Aasta
Hansteen. The shares in the assets encompass reserves and resources
(2P/2C) of around 170 million boe. Furthermore, Wintershall will also
assume the operatorship of the Vega production field.[1] The transfer of
operatorship from Statoil to Wintershall is planned for the end of the
first quarter of 2015.
Wintershall has
purchased the shares for US$1.25 billion. The transaction is financially
effective retroactively to January 1, 2014. A further payment of up to US$50 million will
be made once Aasta Hansteen has been developed in accordance with the
current project plan. Additionally both companies have agreed to work
together in developing the exploration potential of the Vøring Basin.
“With this
transaction, we are taking a major step towards achieving our goal of
establishing ourselves as one of the leading oil and gas companies in
Norway,” said Rainer Seele, Chairman of the Board of Executive Directors
of Wintershall.
“Last year we took over the operatorship of the
Brage platform and commenced the self-operated production of oil and gas
in Norway. We have always said that this is just the beginning for us and
that we want to increasingly position ourselves as an operator of
producing fields. I am therefore happy that the agreement with Statoil
also envisages that Wintershall shall take over the operatorship of Vega,”
said Bernd Schrimpf, Managing Director of Wintershall Norge.
Statoil ASA is an
international energy company with operations in 36 countries. Building on
40 years of experience from oil and gas production on the Norwegian
continental shelf, it is committed to accommodating the world’s energy
needs in a responsible manner, applying technology and creating innovative
business solutions. Statoil is headquartered in Stavanger, Norway, with
approximately 23,000 employees worldwide, and is listed on the Oslo and
New York stock exchanges.
Wintershall Holding
GmbH, based in Kassel, Germany, is a wholly-owned subsidiary of BASF in
Ludwigshafen. The company has been active in the extraction of natural
resources for 120 years, and in the exploration and production of crude
oil and natural gas for over 80 years. Wintershall focuses on selected
core regions where the company has built up a high level of regional and
technological expertise. These are Europe, Russia, North Africa, South
America, and increasingly the Middle East region. The company wants to
expand its business further with exploration and production, selected
partnerships, innovation and technological competence. Wintershall employs
some 2,500 staff worldwide from 40 nations and is now Germany’s largest,
internationally active crude oil and natural gas producer. More
information on the Internet at www.wintershall.com or follow us on
Twitter, Facebook or YouTube.
At BASF, we create
chemistry – and have been doing so for 150 years. Our portfolio ranges
from chemicals, plastics, performance products and crop protection
products to oil and gas. As the world’s leading chemical company, we
combine economic success with environmental protection and social
responsibility. Through science and innovation, we enable our customers in
nearly every industry to meet the current and future needs of society. Our
products and solutions contribute to conserving resources, ensuring
nutrition and improving quality of life. We have summed up this
contribution in our corporate purpose: We create chemistry for a
sustainable future. BASF had sales of about €74 billion in 2013 and over
112,000 employees as of the end of the year. BASF shares are traded on the
stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further
information on BASF is available on the Internet at www.basf.com.
[1] Subject to
approval by the authorities
Source: Gerd Lödden, Peter Wettstein, BASF
www.basf.com
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