Wintershall, GDF SUEZ exchange German North Sea interests

Wintershall and GDF SUEZ have signed an agreement to exchange company interests in the German North Sea.

Offshore staff

KASSEL, Germany -- Wintershall and GDF SUEZ have signed an agreement to exchange company interests in the German North Sea. GDF SUEZ E&P Deutschland GmbH will receive 40% of the H&L sections, which lie northwest of the East Friesian island of Borkum. In exchange Wintershall will receive 25% of the Cuxhaven concession, which directly adjoins the Schleswig-Holstein Mittelplate oilfield.

The partners will be able to expand and reinterpret current seismic explorations. With a 50% share, the site manager RWE Dea is also a participant in the Cuxhaven concession, in addition to Wintershall and GDF SUEZ (25% share each).

Wintershall will remain the operator at the H&L sections. Until now, the company has only operated the natural gas sections.

05/12/2009

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