Germany’s oil and gas producer Wintershall is planning to sell its shares in Verbundnetz Gas (VNG) as part of its strategy to focus on the upstream sector.
An agreement was reached on the 14th March that will see EWE Aktiengesellschaft assume Wintershall’s 15.79% share in VNG. The transaction requires a number of approvals. The companies agreed not to disclose the purchase price.
Upstream sector
Wintershall has been increasing its focus on the upstream sector over the last two years. Consequently, the company is divesting its own natural gas trading and storage business.
Gazprom business
Wintershall has agreed an asset swap with Gazprom in which the previously jointly run natural gas trading and storage business is being transferred entirely to Gazprom. In return, Wintershall is gaining additional shareholdings in western Siberian gas fields. With the decision to divest its shares in VNG, Wintershall is continuing to pursue this strategy.
OAO Gazprom, and of BASF SE have signed a framework agreement which sets out the terms for the planned asset swap to further expand the successful cooperation.
The Norwegian energy ministry has awarded Wintershall
Norge ASA working interests in four new exploration licenses in the current licensing round, APA 2009. They comprise two new licenses in the Norwegian North Sea, one license in the Norwegian Sea and one license in the Barents Sea for the BASF subsidiary.