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Russia's Gazprom, Germany's Wintershall complete asset swap deal — Gazprom

October 01, 2015, 9:39 UTC+3
As a result of the transaction, Gazprom has increased its stake in gas selling and storage companies in Europe - WINGAS, WIEH and WIEE - to 100%, and received 50% in the WINZ company
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©  ТАSS/EPA/FILIP SINGER

MOSCOW, October 1. /TASS/. Gazprom and Germany's Wintershall have completed the asset swap deal, according to the joint press release published Thursday.

As a result of the transaction, Gazprom has increased its stake in gas selling and storage companies in Europe - WINGAS, WIEH and WIEE - to 100%, and received 50% in the WINZ company, engaged in the exploration and production of hydrocarbons in the North Sea.

Through the transaction Wintershall receives the economic equivalent of 25.01% of the blocks IV and V in the Achimov formation of the Urengoy natural gas and condensate field in Western Siberia. The two blocks will be jointly developed by Gazprom and Wintershall. According to the development plan confirmed by the Russian mining authority, blocks IV and V have total hydrocarbon resources of 274 bln cubic meters of natural gas and 74 mln metric tonnes of condensate. This is equivalent to a total of 2.4 bln barrels of oil equivalent (boe). An annual plateau production of at least 8 bln cubic meters of natural gas is expected from the two blocks. Production is planned to start in 2018.

According to Gazprom CEO Alexey Miller, Gazprom has been a reliable supplier of Europe for more than 40 years. Strengthening the company's position in the European segment of storage and gas sales will guarantee stable gas supply to consumers.

Chairman of the Board of Executive Directors of BASF SE Kurt Bock added, that the company looks forward to further cooperation with Gazprom in the joint production of natural gas and gas condensate production in Western Siberia.

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