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Wintershall to Sell Selected Oil and Gas Assets in The North Sea to Hungarian-based MOL - Wintershall, a 100% BASF subsidiary, is optimizing its portfolio through divesting its share in selected assets on the UK Continental Shelf - BASF.com
Wintershall to Sell Selected Oil and Gas Assets in The North Sea to Hungarian-based MOL

 

NewswireToday - /newswire/ - Kassel, Germany, 2013/12/13 - Wintershall, a 100% BASF subsidiary, is optimizing its portfolio through divesting its share in selected assets on the UK Continental Shelf - BASF.com. DE000BASF111

   
 
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• Selected non-operated assets on the UK Continental Shelf to be divested for US$375 million;
• Closing of transaction expected in the first quarter of 2014;
• BASF subsidiary focuses on own-operated exploration and production activities in the North Sea.

Through the transaction, the Hungarian MOL Group will acquire 14 licenses in the North Sea, including non-operated equity stakes in the Broom field (29%) as well as the Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments. In addition, Wintershall’s equity share in existing infrastructure on the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal. The purchase price of US$375 million is subject to value adjustments at closing, which is expected in the first quarter of 2014. A respective agreement was signed by MOL Group and Wintershall in Budapest, Hungary. The transaction is subject to the approval by the relevant authorities and partners and will be financially retroactive to January 1, 2013.

“We are well on track in implementing our strategy of growth at the source,” said Dr. Rainer Seele, Chairman of the Board of Executive Directors of Wintershall. “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.”

In addition to the transaction, MOL and Wintershall also signed a cooperation agreement to develop their partnership and jointly pursue exploration and production opportunities in both the North Sea and the Middle East region.

MOL Group is an integrated, independent, international oil and gas company, headquartered in Budapest, Hungary. It has operations in over 40 countries and employs almost 30,000 people worldwide. MOL’s exploration and production activities are supported by more than 75 years experience in the hydrocarbon field. At the moment, there are production plants in seven countries and exploration assets in 12 countries. The Group operates five refineries and two petrochemicals plants, under integrated supply chain management, in Hungary, Slovakia, Croatia and Italy. MOL Group also owns a network of over 1,700 filling stations across 11 countries in Central & South Eastern Europe.

Wintershall Holding GmbH, based in Kassel, Germany, is a wholly-owned subsidiary of BASF in Ludwigshafen. The company has been active in the exploration and production of crude oil and natural gas for over 80 years. Wintershall focuses on selected core regions, where the company has built up a high level of regional and technological expertise. These are Europe, North Africa, South America, as well as Russia and the Caspian Sea region. In addition, these operations are complemented by the company’s growing exploration activities in the Arabian Gulf. Today, the company employs more than 2,500 staff worldwide from 40 nations and is now Germany’s largest crude oil and natural gas producer.

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of €72.1 billion in 2012 and more than 110,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at basf.com.

Forward-looking statements
This re lease contains forward-looking statements. These statements are based on current estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. BASF does not assume any obligation to update the forward-looking statements contained in this release

Stefan Leunig - Wintershall
T: +49 561 301-3207 - E: presse[.]wintershall.com.

 
 
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Written by / Agency / Source: BASF

 
 

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Wintershall to Sell Selected Oil and Gas Assets in The North Sea to Hungarian-based MOL

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BASF |
Publisher Contact: Gert Lödden - BASF.com 
+49 621 60-20829 gert.loedden[.]basf.com
 
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