German Wintershall Dea is narrowing its focus on the Norwegian continental shelf to gas and carbon management projects, the company announced on Monday after choosing to divest shareholdings in three projects.
Wintershall Dea said it is divesting its ownership of the Brage field and transferring the operatorship to the mid-late life specialist operator OKEA.
'In the next chapter of Wintershall Dea’s story in Norway the company will build on its strength as one of the largest subsea operators on the shelf,' it explained.
'Norway is and remains an important core region for Wintershall Dea's production in our global portfolio,' said Dawn Summers, chief operating officer at Wintershall Dea.
'With the sale of our interests in Brage and Ivar Aasen, we are further strengthening our focus in Norway on gas production. Here we already have a strong position in the country, and our major projects Dvalin and Njord, that are planned to come on stream by the end of 2022, will add further gas volumes that secure energy supply in Europe,' Summers added.
As part of the agreement, OKEA will purchase Wintershall Dea’s 35.2% share in the Brage field and a 6.46% share in the Ivar Aasen field, as well as 6% of the Nova development for €108 million (NOK 1.1 billion). In addition, payments linked to the fulfillment of certain conditions are part of the transaction.
By Murat Temizer