Wintershall Pays $1.25B for Stakes in Norwegian Oil, Gas Fields

Wintershall announced Monday that it has bought stakes in a number of oil and gas fields in the Norwegian North Sea from Statoil for $1.25 billion.

The deal is part of Wintershall's plan to increase its Norwegian production from around 40,000 barrels of oil equivalent per day to approximately 60,000 boepd. It sees the German company acquire a five-percent interest in the Gjøa field and a 24.5-percent stake in the Vega field.

Wintershall will also take over shares in Aasta Hansteen development project (24 percent), the Asterix discovery (19 percent) and the Polarled pipeline project (13.2 percent), while it gains stakes in four other exploration licenses near Aasta Hansteen.

Together the shares in the assets encompass reserves and resources of around 170 million barrels of oil equivalent (2P/2C case). Wintershall will also assume the operatorship of the Vega production field by the end of the first quarter of 2015.

 



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