Wintershall Holding GmbH, a wholly owned unit of BASF SE
(BAS.XE), will sell some non-operated assets in the North Sea to
Hungary's MOL group (MGYOY) to focus on its own exploration and
production activities in the region.
"With the divestment of non-operated assets, we can concentrate
on strengthening our competencies in exploration, field development
and production activities on own-operated assets in the North Sea,"
Wintershall Chairman Rainer Seele said
The transaction will garner $375 million for Wintershall and the
deal is expected to close in the first quarter of 2014, pending
regulatory approval. The deal will be financially retroactive to
Jan. 1, 2013.
MOL gains 14 North Sea licenses as well as non-operated equity
stakes in other developments, including Broom, Cladhan, Catcher,
Scolty Crathes, Blakeney and the Lucius prospect. The deal also
includes Wintershall's equity share in the Sullom Voe Terminal and
the Brent Pipeline System.
Wintershall and MOL also signed a cooperation agreement to
jointly pursue exploration and production in both the North Sea and
the Middle East region.
Write to Monica Houston-Waesch at nikki.houston@wsj.com
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