BASF subsidiary Wintershall further expands oil and gas production in NorwayWintershall to acquire shares in oil and gas fields from Statoil for 1.25 billion US Dollar / Daily production in Norway will increase to around 60,000 barrels of oil equivalent
BASF Group company Wintershall is further expanding its oil and gas production and reserves in the North Sea. Wintershall will 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 ASA. The 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.
The transaction will be executed with payment of the purchase price of 1.25 billion US Dollar and will be financially effective retroactively to January 1, 2014. In addition, a further payment of up to 50 million US Dollar 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 40,000 boe to around 60,000 boe. Wintershall and Statoil additionally agreed that the companies will work together on the exploitation of the exploration potential in the Vøring Basin.
“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.
“The transaction and Wintershall’s further expansion in Norway clearly demonstrate the attractiveness of the Norwegian continental shelf. We look forward to extend our well established partnership into the Aasta Hansteen field development,” said Helge Lund, President and CEO of Statoil.
“We believe in the potential of the Norwegian continental shelf and clearly focus on our goal: We want to become one of the leading oil and gas companies in Norway. With domestic production in Europe we are strengthening the European supply security,” said Rainer Seele, Chairman of the Board of Executive Directors of Wintershall. “By assuming responsibility as operator at Vega, we continue to build up our portfolio of Wintershall-operated fields in Norway.” Wintershall already successfully took over the operatorship of the producing field Brage in the northern North Sea in fall 2013, becoming the first company to take over a producing platform from Statoil in Norway.
Equinor Energy AS 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, we are committed to accommodating the world’s energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 23,000 employees worldwide, and are 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.
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