Wintershall completes sale of UKCS assets to MOL
Wintershall, a 100% BASF subsidiary, is optimizing its portfolio with today’s financial closing of the $375 million transaction with the Hungarian MOL Group.
Through Wintershall’s divestment of shares in selected assets on the UK Continental Shelf, MOL Group acquires 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.
A respective agreement had been signed by MOL Group and Wintershall in Budapest, Hungary, on December 12, 2013. In the meantime all relevant authorities and partners have approved the transaction, which is financially retroactive to January 1, 2013.
“Through the divestment, Wintershall concentrates on strengthening its competencies in exploration, field development and production activities on own-operated assets in the North Sea,” said Rainer Seele, Chairman of the Board of Executive Directors of Wintershall.