Wintershall Dea Sells Interest in Brage Field

Wintershall Dea Sells Interest in Brage Field
Wintershall Dea has decided to sell its interest in the Brage field and transfer operatorship to OKEA.

Wintershall Dea aims to build on its strengths as the largest subsea operator on the Norwegian Continental Shelf as it divests its ownership of the Brage field. The company has also transferred the operatorship to the mid-late life specialist operator OKEA.

"Norway is and remains an important core region for Wintershall Dea's production in our global portfolio," said Dawn Summers, Chief Operating Officer at Wintershall Dea. "With the sale of our interests in Brage and Ivar Aasen, we are further strengthening our focus in Norway on gas production. Here we already have a strong position in the country, and our major projects Dvalin and Njord, that are planned to come on stream by the end of 2022, will add further gas volumes that secure energy supply in Europe”, Summers added.

As part of the agreement, OKEA purchases Wintershall Dea’s 35.2 percent share in the Brage field and 6.46 percent share in the Ivar Aasen field, as well as 6 percent of the Nova development for €108 million ($115.7 million). In addition, payments linked to the fulfilment of certain conditions are part of the transaction.

“We remain one of the biggest producers in Norway, and one of the largest exporters of gas, while also robustly shaping our business for the opportunities we see coming on the shelf,” said Managing Director at Wintershall Dea Norge, Michael Zechner. “Through this agreement, we have not only realized value for our assets and exited the operatorship of Brage in favor of a company which specializes in mid-late life fields, we have also gained a valuable partner in our operated Nova license”, Zechner underlined.

In Norway, Wintershall Dea will put an even stronger focus on exploration, development, and production in core areas, to continuously develop a low-carbon asset portfolio and position the company within carbon management and hydrogen.

Wintershall Dea's total production in Norway was 159,000 barrels of oil equivalent per day in 2021, more than half of which was natural gas. Volumes from upcoming projects Nova, Njord and Dvalin will add around 70,000 to 80,000 boe/d. Production from Brage and Ivar Aasen totaled around 6,000 boe per day.

Focusing on low-carbon subsea production

Wintershall Dea is moving forward on the Norwegian Continental Shelf as a leading subsea operator with a focus on gas and carbon management projects. The company is committed to having net zero upstream activities by 2030 by increasingly focusing on assets with a low carbon footprint and strict emissions management. The gas-weighted company is already the third largest subsea operator by number of fields in Norway and is now also pursuing carbon management opportunities on the shelf.

Subject to customary approval by authorities the deal is expected to be completed in Q4 2022. The transaction will then be effective retroactively from 1.1.2022.

While Wintershall Dea has exited Brage and Ivar Aasen fields, it keeps operatorship of the Nova field, located in the northern part of the North Sea, 28 miles west of Florø and 10.5 miles southwest of the Gjøa field with a water depth of 1,200 feet.

Nova was discovered in 2012, and the plan for development and operation (PDO) was approved in 2018. The development consists of two four-slot subsea templates tied back to the Gjøa host platform wherefrom Nova will be provided with green power from shore. The subsea installation scope was finalized in 2021.

The field is under development, and production is planned in the second half of 2022.

The well stream will be routed to the Gjøa platform for processing and export. The oil will be transported further through the Troll Oil Pipeline II to the Mongstad terminal, and the gas will be exported via the Far North Liquids and Associated Gas System (FLAGS) pipeline to St Fergus in the UK.

After the transaction has been completed Wintershall Dea Norge AS as the operator will own 39 percent, with other partners comprising OKEA (6 percent), Sval Energi AS (25 percent), Spirit Energy Norway (20 percent) and ONE-Dyas Norge AS (10 percent).

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