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

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

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