BASF Buying Norwegian Gas Assets From Statoil

To diversify its supply of energy to the German market, BASF's oil and gas subsidiary Wintershall recently agreed to purchase assets worth $1.25 billion from Norway's Statoil.

In the deal retroactive to 1 January 2014, the Kassel-based company is taking shares in two producing fields, two development projects and a pipeline project as well as an equity stake in four exploration licenses.

The shares in the assets comprise reserves and resources of around 170 million barrels of oil equivalent (boe). Wintershall also is to become operator of one of the producing fields, subject to the approval of the authorities and consent of the other license partners.

With the purchase, the BASF group increases its daily production in Norway from currently 40,000 boe to around 60,000 boe. Wintershall and Statoil have additionally agreed to work together on exploration in the Vøring Basin.