Wintershall to sell interests in five Norwegian fields

Wintershall Holding GMBH plans to sell interests in five Norwegian fields to Oslo-based Tellus Petroleum AS. The $602-million transaction is expected to close by yearend.

Wintershall Holding GMBH plans to sell interests in five Norwegian fields to Oslo-based Tellus Petroleum AS. The $602-million transaction is expected to close by yearend.

Four nonoperated assets are involved: Knarr, 20%; Veslefrikk, 4.5%; Ivar Aasen, 6.4615%; and Yme, 10%. Wintershall will continue to be operator for development of Maria field, but is reducing its share to 35% from 50%.

The package also includes stakes in seven exploration licenses near Knarr, Maria, and Ivar Aasen fields and in the Barents Sea, and interests in the Utsira High Gas Pipeline, 3.8769%; the Edvard Grieg Oil Pipeline, 2.5846%; and the Knarr Gas Pipeline, 20%.

Wintershall said $40 million of the $602 million is subject to Maria field development being approved by the Norwegian Ministry of Petroleum and Energy (OGJ Online, May 5, 2015). Tellus will make a further payment of as much as $100 million depending on the price of oil during 2016-19.

Tellus said the package has 59 billion boe proved and probable reserves, net to Tellus.

Established in 2012, Tellus is a recently acquired subsidiary of Sequa Petroleum NV.

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