Statoil and Wintershall sign agreement on the purchase of Norwegian gas
The BASF subsidiary Wintershall wants to make greater use of the natural gas that is increasingly produced in the North Sea for its own purposes. Together with Norway’s Statoil ASA company, Wintershall has today (November 20, 2012) signed agreements that regulate not just Statoil’s purchase of the natural gas produced by Wintershall in Norway but also in return the natural gas supplied by Statoil to Wintershall. Statoil will make the North Sea gas available to Wintershall at trading points in Europe, mainly Germany. The agreement will last for ten years and begins on January 1, 2013. During the contractual period, Wintershall will receive a total of up to 45 billion cubic metres of natural gas from Statoil.
Wintershall itself currently produces around 1.3 billion cubic metres of gas per year in the North Sea; this volume is expected to increase considerably already next year. Background: As part of a recent asset swap with Statoil, Wintershall now has shares in additional deposits on the Norwegian continental shelf.
The agreement with Statoil will enable BASF/Wintershall to use the volumes produced in Norway for Europe without having to develop its own transport infrastructure. The North Sea gas will also help to balance the decrease in domestic production in continental Europe in the medium to long term. With the strategy of securing energy directly at the source, Wintershall is therefore making a considerable contribution to ensuring supply security.