Bloomberg News

Wintershall Sees North Sea Asset Swap With Gazprom Next Year

December 06, 2011

Dec. 6 (Bloomberg) -- BASF SE’s Wintershall AG unit will complete talks on swapping some of its assets in the North Sea for two Siberian deposits belonging to OAO Gazprom next year.

“The assets to be swapped with Gazprom will basically have the same value,” Anna Bungarten, a spokeswoman at the Kassel, Germany-based company, said in an e-mailed response to questions. “The negotiations for a legally binding agreement are still going on and will be finalized next year.”

Gazprom, Russia’s gas-export monopoly, expects to get 50 percent of oil and gas fields in the southern part of the North Sea as part of the swap. Wintershall will get 25 percent plus one share in blocks 4 and 5 of the Achimov formation in the Urengoy field, with an option to raise its stake to 50 percent.

Wintershall has 25 platforms for natural gas in the southern North Sea belonging to the Netherlands, and one each in the U.K. and Germany. The company is expanding its presence in the U.K., where it owns 20 licenses, and in Denmark, Germany, and Norway. Details on which projects Gazprom will join haven’t been disclosed.

Wintershall may double gas production at the Achimov formation after the asset swap with Gazprom, company spokesman Nicholas Neu said in August.

--Editors: Stephen Cunningham, Torrey Clark.

To contact the reporter on this story: Anna Shiryaevskaya in Moscow at ashiryaevska@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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