Wintershall to sell selected assets on the Norwegian continental shelf
Wintershall, a 100 percent BASF subsidiary, is further optimising its portfolio by divesting assets in the four non-operated fields Knarr, Veslefrikk, Ivar Aasen and Yme on the Norwegian continental shelf to Tellus Petroleum, a recently acquired 100 percent subsidiary of Sequa Petroleum. At the same time, Wintershall is reducing its share in the own-operated Maria Development by 15 percent to 35 percent and has gained Tellus Petroleum as a further partner to develop this field, for which the plan for development and operation (PDO) was recently submitted. The package Wintershall is selling to Tellus Petroleum also includes equity stakes in seven exploration licenses in the vicinity of the Knarr, Maria and Ivar Aasen fields and in the Barents Sea, as well as ownership interests in the Utsira High Gas Pipeline, the Edvard Grieg Oil Pipeline and the Knarr Gas Pipeline.