BASF subsidiary Wintershall and Statoil agree on asset swap
BASF Group company Wintershall is substantially expanding its production and reserves of oil and gas in the North Sea.
- (1888PressRelease) October 22, 2012 - Through an asset swap, Wintershall will receive from the Norwegian Statoil ASA shares in the three producing fields Brage (32.7 percent), Gjøa (15 percent) and Vega (30 percent), containing reserves (2P) of around 100 million barrels of oil equivalent (boe). In addition, it is the joint intention of the companies that Wintershall takes over the operatorship of Brage, its first large production platform offshore Norway, subject to the agreement of the authorities and partners. A respective agreement was signed by Statoil and Wintershall today in Stavanger, Norway.
Through the transaction, Wintershall Norge will raise its daily production from currently around 3,000 boe to almost 40,000 boe per day next year. In return, Statoil will receive a 15-percent share in the development project Edvard Grieg from Wintershall and financial compensation of US$1.35 billion. An additional payment of up to US$100 million will be paid contingent on the successful future development of the Vega field.
“Through the cooperation with Statoil, we are taking a big step forward in realizing our growth strategy in Oil & Gas and expanding our activities at the source. This enables Wintershall to become one of the leading producers in Norway and balances its global portfolio even more effectively,” said Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF SE.
“With our ambition to become the new operator of Brage, we are making headway in expanding Wintershall-operated production in Norway. We want to be active on the shelf in the long-term, establish ourselves as a partner – and take on responsibility,” explained Rainer Seele, Chairman of the Board of Executive Directors of Wintershall. Wintershall has positioned itself successfully in Norway as an integrated exploration and production company following the acquisition of Revus Energy in 2008. With more than 40 licenses, the company is already one of the largest license holders in Norway.
“The Norwegian continental shelf is a world class oil and gas region. Statoil is the largest operator with 48 developed fields and a strong exploration portfolio. We have made four major discoveries on the NCS over the past 19 months, and we continue to increase the oil recovery from mature fields. Today’s transaction frees up resources for Statoil to continue driving high value growth. We are also pleased to enter a strategic partnership with Wintershall to develop new insights and technologies for increased value creation,” said Helge Lund, President and CEO of Statoil.
In addition, the companies have agreed to cooperate in research activities to increase production from oil fields through Enhance Oil Recovery (EOR) and to examine the offshore application of the innovative technology “Schizophyllan” being developed by Wintershall and BASF. Wintershall and Statoil also agreed to conduct research together into unconventional resources in Germany and internationally. Accordingly Statoil is to receive a 49 percent share in the Wintershall concessions “Rheinland” and “Ruhr” in Germany.
Note to the editor:
A press conference on the asset swap will take place today (October 22, 2012) at 12:00 (CEST) at the Statoil headquarter, Forus East, Stavanger. A webcast will be available under www.statoil.com and www.wintershall.com .
Forward-looking statements and forecasts
This report contains forward-looking statements based on current expectations, assumptions and forecasts by the Board of Executive Directors, as well as on the information currently available to that board. Forward-looking statements are not deemed to be guarantees of the future developments and results set out therein. Future developments and results are in fact dependent on a large number of factors; they contain different risks and imponderables and are based on assumptions that may not be accurate. We do not assume any obligation to update the forward-looking statements made in this document.
About BASF
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, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111 ,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 www.basf.com .
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 2,000 staff worldwide from 40 nations and is now Germany’s largest crude oil and natural gas producer. With the natural gas trading and transport subsidiaries it operates together with Russia’s Gazprom, the BASF subsidiary is also an important gas supplier on the German and European market. More information on the Internet at www.wintershall.com or follow us on Twitter, Facebook and YouTube.
Wintershall Norge AS is one of the largest license holders in Norway with over 40 licenses and more than 20 operatorships. In 2011 the company invested about half of its global exploration budget in the Norwegian Continental Shelf. Wintershall is planning to invest up to €2 billion in exploration and development in Norway and the UK by the end of 2015. The company plans to raise daily production more than ten-fold to 50,000 barrels of oil equivalent by 2015. The fields Knarr, Edvard Grieg and Cladhan are expected to contribute to this production target. The company is based in Stavanger and now employs more than 200 staff.
Statoil ASA is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Norway with approximately 21,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.
Corporate Media Relations:
Jennifer Moore-Braun
Phone:+49 621 60-99123
Fax:+49 621 60-92693
jennifer.moore-braun ( @ ) basf dot com
Wintershall:
Michael Sasse
Phone:+49 561 301-3301
Fax:+49 561 301-1321
presse ( @ ) wintershall dot com
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