Wintershall, Gazprom swap assets in North Sea, Siberia

28th October 2011, Comments 0 comments

German oil and gas group Wintershall, a unit of BASF, said Friday it agreed to swap parts of its oil and gas fields in the North Sea for a stake in a Siberian field owned by Russian giant Gazprom.

Under an agreement signed by Gazprom chief Alexei Miller and BASF chief executive Dr. Kurt Bock, Wintershall will receive a stake of 25 percent plus one share in the development of blocks IV and V of the Russian giant's Urengoy field.

In return, Gazprom would receive "interests of equal value" in selected exploration and production projects by Wintershall in the North Sea, BASF said in a statement.

Wintershall would have the option of increasing this shareholding to 50 percent and similarly Gazprom "will ultimately receive half of Wintershall's shares" in the North Sea fields, the statement said.

© 2011 AFP

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