BASF’s Wintershall Gazprom agree framework asset swap

BASF’s Wintershall and Gazprom agree on framework for asset swap

1:20 AM, 7th November 2011
BASF’s Wintershall and Gazprom agree on framework for asset swap
Dr Kurt Bock, Chairman, BASF SE.

 

· Joint natural gas production from the Achimov formation of the Urengoy field to be expanded to blocks IV and V.

· Gazprom to receive working interests in fields in the British and Dutch North Sea.

LUDWIGSHAFEN, GERMANY: Setting up a framework agreement for a planned asset swap to further expand the successful co operation was signed in Ludwigshafen by Alexey Miller, Chairman, OAO Gazprom and Dr Kurt Bock, Chairman, BASF SE. As per the agreement, two further blocks of the Achimov formation of the Urengoy field in western Siberia will be developed by the two companies.

Wintershall, a wholly owned subsidiary of BASF SE, will initially hold a working interest of 25 per cent plus one share in the development of blocks IV and V. Wintershall retains the option of increasing this shareholding to 50 per cent. The framework agreement stipulates that Gazprom will receive interests of equal value in selected exploration and production projects by Wintershall in the North Sea (Netherlands, UK). Gazprom will ultimately receive half of Wintershall’s shares in these concessions.

“The joint production between our oil and gas subsidiary Wintershall and Gazprom from Achimov deposit is an impressive example of our long-standing success model: co operation in the spirit of partnership and complementing each other’s strengths along the entire value adding chain,” said Dr Bock.

“The constructive partnership between Gazprom and BASF/Wintershall enables us to tackle technically complex and ambitious projects. Together with Wintershall, we want to expand gas production from the Achimov layers of the Urengoy deposit and co operate in E&P projects in the southern North Sea, where Wintershall has been operating successfully for decades, for our mutual benefit,” said Miller.

The co operation between Wintershall and Gazprom extends from the exploration and production of natural gas in West Siberia to transportation through the Nord Stream pipeline and the sale of the natural gas in Germany and Europe by the jointly owned natural gas trading company WINGAS.

(C) WOC News

 

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