BASF, Gazprom swap Urengoi, gas assets

BASF AG and Gazprom have agreed to an asset swap covering two blocks in Urengoi gas and condensate field in Russia and gas trading and storage businesses in Europe.

BASF subsidiary Wintershall will receive 25% plus one share of Blocks 4 and 5 covering the Jurassic Achimov formation of Urengoi field in West Siberia, plus the option to increase the interests to 50% (OGJ Online, Mar. 10, 2011).

The start of production from the blocks, with total resources estimated at 274 billion cu m of natural gas and 74 million tonnes of condensate, is planned for 2016. Plateau production of at least 8 billion cu m/year is expected.

Wintershall will transfer 50% shares in the European gas trading and storage businesses it operates jointly with Gazprom to the Russian partner.

Gazprom thus will receive Wintershall’s shares of the gas-trading companies WINGAS, WIEH, and WIEE, including shares in gas storage facilities in Rehden and Jemgum, Germany, and Haidach, Austria, and the gas storage operator astora. Gazprom also will receive a 50% share in activities of Wintershall Norzee BV, which has exploration and production interests in the Dutch, UK, and Danish sectors of the North Sea.

With the swap, BASF exits the gas trading and storage business.

Related Articles

NGSA asks Congress to pass bills facilitating LNG exports

03/27/2014 The Natural Gas Supply Association called on Congress to support legislation that would facilitate more LNG exports. “Exporting LNG overseas will h...

IHS: Western sanctions indirectly could hinder Russian oil, gas revenues

03/27/2014 Western sanctions imposed against Russian government officials and business executives regarding Russia’s conflict with Ukraine could slow the avai...

US, European energy leaders to discuss gas diversification measures

03/27/2014 Top US government energy officials and their counterparts from other G7 nations will meet early next week to discuss reducing Europe’s heavy relian...

EIA: Cushing inventories down 32% over the last 2 months

03/27/2014 According to the US Energy Information Administration, crude oil inventories at Cushing, Okla., the primary crude oil storage location in the US, d...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected