Wintershall Acquires Clyde Netherlands

Wintershall Nederland B.V. has executed a contract to take over Clyde Netherlands B.V. The acquisition of the company is subject to approval by the German and Dutch competition authorities. Clyde Netherlands, which previously belonged to ConocoPhillips, is involved extensively in oil and gas production in the Dutch sector of the North Sea. The company is also committed to other, onshore projects in the Netherlands. Wintershall Nederland B.V., based in The Hague, is part of the German company Wintershall AG, a wholly-owned subsidiary of BASF.

"Acquiring Clyde is a major step in the implementation of our growth strategy. Germany and the southern part of the North Sea traditionally represent a key region for us and form the basis for the development of our technological core capabilities," said Reinier Zwitserloot, Wintershall's CEO. Wintershall, based in Kassel, has more than 70 years experience in oil and gas exploration and production. The company has focused its worldwide activities in Germany, the southern part of the North Sea, North Africa and South America. Russia and the Caspian region are key areas under development.

Wintershall has been active in the Dutch North Sea since 1965. The acquisition of Clyde will combine two companies whose portfolios are well matched. In addition to their existing co-operation on individual projects, the companies' successful exploration and development teams will from now on be able to pool their expertise and strength. With this acquisition, Wintershall will double its production in the Netherlands and its Dutch reserve base.

At the same time Wintershall will emerge as the third largest producer in The Netherlands and will strengthen its position as Germany's largest E&P-company.

Another important aim for Wintershall is to expand the key Dutch operations into a company-wide Center of Expertise for offshore activities. Representatives of both companies will actively contribute to the integration process. "Our goal is to show substantial progress in creating a joint company by the beginning of next year," announced Zwitserloot.