Wintershall to sell selected oil and gas assets in the North Sea to Hungarian-based MOL
Selected non-operated assets on the UK Continental Shelf to be divested for US$ 375 Million
– Closing of transaction expected in the first quarter of 2014
– BASF subsidiary focuses on own-operated exploration and production activities in the North Sea
Wintershall, a 100% BASF subsidiary, is optimizing its portfolio through divesting its share in selected assets on the UK Continental Shelf. Through the transaction, the Hungarian MOL Group will acquire 14 licenses in the North Sea, including non-operated equity stakes in the Broom field (29%) as well as the Catcher (20%), Cladhan (33.5%) and Scolty/Crathes (50%) developments. In addition, Wintershall’s equity share in existing infrastructure on the Sullom Voe Terminal and the Brent Pipeline System are also part of the deal. The purchase price of US$ 375 million is subject to value adjustments at closing, which is expected in the first quarter of 2014.
A respective agreement was signed by MOL Group and Wintershall in Budapest, Hungary. The transaction is subject to the approval by the relevant authorities and partners and will be financially retroactive to January 1, 2013.