Wintershall sheds oil in NCS divestment

Deal with Norwegian independent focuses on putting appropriate assets in appropriate hands

Listed Norwegian producer Okea will pay $117.5mn in cash, with contingencies dependent on output and oil prices until 2024, to Germany’s Wintershall Dea for a portfolio of three assets on the Norwegian continental shelf (NCS). The seller wants to pursue a “stronger focus on gas and carbon management projects”. The buyer, meanwhile, aims to “find value where others divest”. In other words, the deal is about rationalising portfolios to ensure assets sit with the best owner to maximise their potential. The deal comprises a 35.2pc operated stake in the Brage oilfield, a 6.46pc non-operated share of the producing Ivar Aasen field that will take Okea’s interest up to 9.24pc, and a 6pc share in the