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2014-09-15 18:00:00

STATOIL SELLS $1.25 BLN

STATOIL SELLS $1.25 BLN

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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Tags: STATOIL, WINTERSHALL, OIL, GAS
Chronicle:
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