Wintershall gains control of Brage in North Sea

Wintershall is increasing its production offshore Norway to almost 40,000 boe/d, following the conclusion of an asset swap with Statoil.

Offshore staff

STAVANGER, Norway – Wintershall is increasing its production offshore Norway to almost 40,000 boe/d, following the conclusion of an asset swap with Statoil.

The company netted shares of 32.7%, 30% and 15%, respectively, in the producingBrage, Vega and Gjøa fields.

In addition, Wintershall assumes operatorship of Brage and its giant production platform. The transfer is planned for Oct. 1, 2013.

In return, Statoil takes a 15% interest in theEdvard Grieg development project in the central Norwegian North Sea and financial compensation of $1.35 billion. The latter will be offset by earnings of the share in production from Brage, Vega, and Gjøa since Jan. 1.

Wintershall will pay up to $100 million more, contingent on future development of the Vega field.

The two companies also agreed to joint research activities to increase oil recovery and to examine the offshore application of Wintershall/BASF’s “Schizophyllan” technology.

7/31/2013

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