Wintershall to sell interests in five Norwegian fields

Wintershall Holding GMBH plans to sell interests in five Norwegian fields to Oslo-based Tellus Petroleum AS. The $602-million transaction is expected to close by yearend.

Four nonoperated assets are involved: Knarr, 20%; Veslefrikk, 4.5%; Ivar Aasen, 6.4615%; and Yme, 10%. Wintershall will continue to be operator for development of Maria field, but is reducing its share to 35% from 50%.

The package also includes stakes in seven exploration licenses near Knarr, Maria, and Ivar Aasen fields and in the Barents Sea, and interests in the Utsira High Gas Pipeline, 3.8769%; the Edvard Grieg Oil Pipeline, 2.5846%; and the Knarr Gas Pipeline, 20%.

Wintershall said $40 million of the $602 million is subject to Maria field development being approved by the Norwegian Ministry of Petroleum and Energy (OGJ Online, May 5, 2015). Tellus will make a further payment of as much as $100 million depending on the price of oil during 2016-19.

Tellus said the package has 59 billion boe proved and probable reserves, net to Tellus.

Established in 2012, Tellus is a recently acquired subsidiary of Sequa Petroleum NV.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...