Wintershall DEA Sells Norwegian Infrastructure
German upstream firm Wintershall DEA has agreed to sell its 5.0304% interest in the Nyhamna terminal to Cape Omega and its 13.255% interest in the related Polarled pipeline to Solveig Gas Norway, it said October 1. It gave no financial details. The company is positioning itself as a producer and reaffirmed its interest in Norway where it holds over 100 licences.
“The sale of these two assets is an important step in the direction of capturing value from active portfolio management. The transaction will allow us to streamline our business activities in Norway and focus our efforts on higher priority assets in our portfolio,” said CEO Mario Mehren.
Last year, Norway accounted for almost a quarter of the company's output, with 140,000 barrels of oil equivalent/day out of the total 590,000 boe/d.
“Norway will continue to play an important role in Wintershall Dea’s international portfolio in the coming years and this transaction is in line with our strategy of focusing on our upstream activities and ambition to capture future growth opportunities on the Norwegian Continental Shelf,” said Wintershall DEA's Norwegian manager, Alv Solheim.
Next to operating three Norwegian producing fields, the company is also developing its own operated Dvalin and Nova fields, and is a partner in several high-profile projects, such as the Njord re-development, Aerfugl and the Snorre expansion project. The transaction is expected to close by the end of 2019, pending approvals from the ministries for petroleum and finance.