Gazprom takes stakes in BASF North Sea gas fields

Offshore staff

KASSEL, Germany – BASF, the parent company of Wintershall, has agreed to swap various onshore and offshore interests with Gazprom.

Wintershall will increase its stakes in blocks on the Achimov formation of the Urengoi natural gas and condensate field in western Siberia, which the company will develop jointly with Gazprom.

In exchange, Wintershall will transfer to Gazprom full control of their joint natural gas trading and storage business in Europe, along with shares in gas storage facilities in Germany and Austria.

Gazprom will also receive a 50% interest in the activities of Wintershall Noordzee, which is active in E&P for oil and gas in the southern North Sea (the Netherlands, UK, and Denmark).

Wintershall has been active in the North Sea since 1965. It operates 23 offshore installations in the Dutch sector, controlling 18 of these platforms remotely from Den Helder, along with one gas platform in the German sector, and the Wingate platform in the UK southern gas basin.

11/14/2012

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