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Gazprom plans to sell its North Sea assets at a starting price of 344 mln euros — company

Applications can be submitted from March 1, the date of bidding and announcement of the winner is June 6, 2024

MOSCOW, March 1. /TASS/. Gazprom plans to sell its assets in the North Sea, the initial price of assets is 344 mln euros, the company announced in a statement.

Gazprom International Limited has launched a competitive procedure for the sale of assets by placing the corresponding application on the electronic trading platform of Gazprombank.

Applications can be submitted from March 1, the date of bidding and announcement of the winner is June 6, 2024.

In particular, the company plans to sell 50% in a joint venture with Wintershall Dea Nederland Asset Holding B.V. in the company Wintershall Noordzee B.V (WINZ) and 100% in the subsidiary Gazprom International UK Limited, which owns a share in the consortium to develop the Sillimanite deposit.

The transaction also includes the sale of 100% of the shares of Gazprom UK Limited, which owns Gazprom UK Resources, a stakeholder in the consortium to develop the Wingate field.

Wintershall Noordzee also holds shares in the Sillimanite and Wingate development consortiums.

Gazprom International Limited became a shareholder of WINZ in 2015 as part of an asset swap between Gazprom and Wintershall Holding GmbH (now Wintershall Dea). Under the terms of the agreement, the company received 50% in WINZ.

In 2023, WINZ production amounted to more than 5,000 barrels per day of oil equivalent, and is expected to increase due to individual development projects.

Sillimanite is an offshore gas field in the British and Dutch sectors of the North Sea, approximately 200 km off the coast of the Netherlands. Production is underway at two wells, and gas from the field is supplied to the Dutch pipeline system. Wingate is a shallow-water gas field located within four blocks of the British continental shelf in the southern North Sea. The field was put into operation in 2011, gas from it is supplied to the pipeline system of the Netherlands.