Wintershall to Sell Selected Oil and Gas Assets in North Sea
OREANDA-NEWS. Wintershall, a 100% BASF subsidiary, is optimizing its portfolio through divesting its share in selected assets on the UK Continental Shelf. Through the transaction, the Hungarian MOL Group will acquire 14 licenses in the North Sea, including non-operated equity stakes in the Broom field (29%) as well as the Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments.
In addition, Wintershall's equity share in existing infrastructure on the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal. The purchase price of US\\$375 million is subject to value adjustments at closing, which is expected in the first quarter of 2014. A respective agreement was signed by MOL Group and Wintershall in Budapest, Hungary. The transaction is subject to the approval by the relevant authorities and partners and will be financially retroactive to January 1, 2013.
"We are well on track in implementing our strategy of growth at the source," said Dr. Rainer Seele, Chairman of the Board of Executive Directors of Wintershall. "With the divestment of non-operated assets, we can concentrate on strengthening our competencies in exploration, field development and production activities on own-operated assets in the North Sea."
In addition to the transaction, MOL and Wintershall also signed a cooperation agreement to develop their partnership and jointly pursue exploration and production opportunities in both the North Sea and the Middle East region.