Wintershall Completes Asset Swap with Gazprom

BASF announced Thursday that its Wintershall subsidiary has completed an asset swap with Russia's Gazprom that will enable the German firm to focus solely on oil and gas exploration and production.

The deal will see BASF exit the gas trading and storage business. Meanwhile, it will gain the economic equivalent of 25 percent of Blocks IV and V in the Achimov formation of the Urengoy natural gas and condensate field in Western Siberia. The blocks will be jointly developed by Gazprom and Wintershall.

BASF said that according to the development plan confirmed by the Russian mining authority, Blocks IV and V have total hydrocarbon resources of 274 billion cubic meters of natural gas and 74 million metric tons of condensate, which is equivalent to a total of 2.4 billion barrels of oil equivalent.

BASF expects production to hit 8 billion cubic meters (283 billion cubic feet) of natural gas annually. Production is scheduled to start in 2018.

In return, Gazprom will receive Wintershall's share in the previously jointly-operated natural gas trading and storage business. This includes the 50-percent participation in the gas trading companies WINGAS, WIEH and WIEE.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Ithaca Energy Starts Production from N... (Feb 17)
 -  Kraken 2Q Start-up 'On Track' (Feb 17)
 -  DOF Group Axes Over 700 Employees in 2... (Feb 17)
 -  Unite: Government Must Create Sustaina... (Feb 17)
 -  Fluor to Support FEED for Woodfibre Pr... (Feb 17)

Most Popular Articles

From the Career Center
Jobs that may interest you
Outside Sales Representative - Manufacturing Services
Expertise: Business Development
Location: Houston, TX
Client Account Manager-Slickline (Houston)
Expertise: Business Development|Sales|Slickline
Location: Houston, TX
Manager, Facility Engineering
Expertise: Engineering Manager|Facilities Engineer|LNG
Location: Louisiana, United States, LA
search for more jobs

Brent Crude Oil : $55.81/BBL 0.28%
Light Crude Oil : $53.4/BBL 0.07%
Natural Gas : $2.83/MMBtu 0.70%
Updated in last 24 hours