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
Also in this section
23 April 2024
Cheaper Russian barrels and lower overall crude prices have helped cut key oil consumer’s import bills in election year
22 April 2024
Pursuing three different goals as part of the same package may mean achieving none of them
22 April 2024
Beijing’s renewed targeting of NOC management could threaten investment
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis