MOL Closes North Sea Deal with Wintershall

Hungary's MOL reported Tuesday that it has closed its previously-announced deal with German producer Wintershall to acquire interests in 14 licenses in the North Sea. MOL said it has also recently opened an office in Aberdeen to support its operations and its future expansion in the region.

The portfolio of assets acquired from Wintershall includes non-operated stakes in the Broom (29 percent interest), Catcher (20 percent), Cladhan (33.5 percent), Scolty and Crathes fields (50 percent) in the UK North Sea. MOL also acquired Wintershall's equity share in the Sullom Voe terminal and the Brent pipeline system.

MOG Group Executive VP for Exploration and Production Alexander Dodds commented in a company statement:

"The North Sea is a very attractive area, and MOL will continue to develop its presence in the region. We intend to take part in upcoming licensing bid rounds and aim to become operators ourselves."