Asset swap between Wintershall and Statoil completed
Oil and gas production in Norway rises from around 3,000 barrels to almost 40,000 barrels of oil equivalent (boe) per day
Wintershall is increasing its production in Norway with financial closing of the asset swap with Statoil ASA. With the transfer of shares in the fields Brage, Vega and Gj ø a (Brage: 32.7%, Vega: 30% and Gj ø a: 15%), Wintershall raises its production in Norway from approximately 3,000 boe to almost 40,000 boe per day. Effective date of the transaction is January 1, 2013. In addition, with Brage, Wintershall shall take over the operatorship of a major production platform on the Norwegian Continental Shelf for the first time. The transfer of the operatorship from Statoil to Wintershall is planned for October 1, 2013.
“Through the cooperation with the Norwegian company Statoil we are progressing our strategy of growing with our activities at the source,” said Rainer Seele, CEO of Wintershall.
In return, Statoil receives a 15% share in the development project Edvard Grieg from Wintershall and a financial compensation of
$ 1.35 billion. The compensation payment is being offset by the earnings of the share in production from the fields Brage, Vega and Gjøa since January 1, 2013. An additional payment of up to
$ 100 million will be paid by Wintershall contingent on the successful future development of the Vega field.
“With Brage we will launch a Wintershall-operated production expansion in Norway. That is an important step for us and strengthens our role as a responsible partner for oil and gas in Norway,” said Bernd Schrimpf, Managing Director of Wintershall Norge.
Adding value through strategic partnership
The two companies also agreed to conduct joint research activities to increase oil recovery (EOR – Enhanced Oil Recovery) as part of the transaction and to examine the offshore application of the innovative technology “Schizophyllan” developed by Wintershall and BASF. Wintershall and Statoil also wish to work together in the area of research into unconventional hydrocarbon deposits in Germany and in other regions.
Other news from the department business & finance
