Gazprom entry to North Sea shelved

Offshore staff

LUDWIGSHAFEN, GermanyBASF and Gazprom have cancelled a planned asset swap in Europe, which was due to go through at the end of the year.

They had agreed that BASF subsidiary Wintershall would jointly develop with Gazprom two additional blocks of the Achimov formation of the Urengoi natural gas and condensate field in western Siberia.

Gazprom would have received a 50% share in Wintershall Noordzee B.V., which is active in the exploration and production of oil and gas in the southern North Sea (the Netherlands, UK, and Denmark).

12/19/2014

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