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Wintershall sells Norwegian infrastructure assets as part of focus on upstream activities

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Oilfield Technology,

Wintershall Dea, through its wholly owned subsidiary Wintershall Norge, has agreed to sell its 5.0304% interest in the Nyhamna terminal to CapeOmega and its 13.2550% interest in the Polarled pipeline to Solveig Gas Norway.

The transaction on the Norwegian Continental Shelf is part of a broader programme aimed at optimising Wintershall Dea’s global portfolio, following the completion of the merger between Wintershall and DEA in May 2019, which created Europe’s leading independent gas and oil producer.

“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 Mario Mehren, CEO of Wintershall Dea.

Wintershall Dea said is highly committed to Norway, where it holds interests in over 100 licenses. In the year ended 31 December 2018, Norway accounted for 23.8% (140 mboe/d) of the Group's aggregated production (590 mboe/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 Alv Solheim, Managing Director of Wintershall Dea in Norway.

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 projects, such as the Njord re-development, Ærfugl and the Snorre Expansion Project.

The transaction is expected to close by the end of 2019, pending approvals from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.

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Upstream news Upstream project news Oil & gas news