Statoil has sold a further tranche of North Sea oil and gas assets to Wintershall for $1.25bn, extending the interests of the German energy group in Norwegian waters.
The state-backed Norwegian oil operator is to sell its minority stakes in two producing fields northwest of Bergen, helping raise Wintershall's production off the country's coast from 40,000 to 60,000 barrels of oil equivalent per day.
The key element of the deal, however, is the move by the energy arm of the German industrial group BASF to acquire stakes in Statoil fields further to the north that will require several billions of dollars to develop.
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BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
ConocoPhillips's gas-focused North Sea assets pumped 72,000 b/d of oil equivalent last year, and the acquisition will help boost Chrysaor's total production this year to over 185,000 boe/d, Chrysaor said in a statement.
Renewable energy sources generated approximately 33 per cent of Great Britain’s electricity over the first quarter of 2019, according to new figures published by energy consultancy EnAppSys, with wind energy accounting for over 60% of renewable generation.
To further explore opportunities for bilateral energy expansion, Turkish Energy and Natural Resources Minister Fatih Dönmez and German Federal Minister for Economic Affairs and Energy Peter Altmaier met in Ankara for the second Turkish-German Energy Forum in October last year to sign a letter of intent to enhance the Turkish-German energy partnership.