Wintershall Holding GmbH, a 100 percent BASF subsidiary (the world’s largest chemical maker), will sell $375 million in oil and gas assets in the North Sea to focus on its own exploration and production efforts. The company will divest certain oil and gas assets to Hungarian-based MOL Group.
The deal is expected to close in the first quarter of 2014.
MOL will acquire 14 licenses including non-operated equity stakes in the Broom field (29 percent), the Catcher field (20 percent), Cladhan (33.5 percent) and Scolty/Crathes (50 percent) developments. Additionally, Wintershall’s equity share in the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal, the company said.
Two of the assets are under development with the third field in a preliminary development stage. Catcher, situated on license P.1430 and operated by Premier Oil, is currently being developed. The field entered the design phase in January 2013. Cladhan, located on Blocks 210/29a and 210/30a and operated by TAQA Bratani, is also under development and is slated to come online in early 2015. Development planning continues on the Scolty/Crathes discovery, situated on Block 21/13a and operated by EnQuest PLC, with plans to submit a field development plan in 2014.
“With the divestment of non-operated assets, we can concentrate on strengthening our competencies in exploration, field development and production activities on own-operated assets in the North Sea,” Wintershall Chief Executive Officer Rainer Seele said in today’s statement.
This deal also includes an agreement to jointly pursue exploration and production opportunities in the Middle East region, the company said.