The deal includes an operations base at Bergen
Wintershall sheds oil in NCS divestment
Deal with Norwegian independent focuses on putting appropriate assets in appropriate hands
Listed Norwegian producer Okea will pay $117.5mn in cash, with contingencies dependent on output and oil prices until 2024, to Germany’s Wintershall Dea for a portfolio of three assets on the Norwegian continental shelf (NCS). The seller wants to pursue a “stronger focus on gas and carbon management projects”. The buyer, meanwhile, aims to “find value where others divest”. In other words, the deal is about rationalising portfolios to ensure assets sit with the best owner to maximise their potential. The deal comprises a 35.2pc operated stake in the Brage oilfield, a 6.46pc non-operated share of the producing Ivar Aasen field that will take Okea’s interest up to 9.24pc, and a 6pc share in the
Also in this section
10 November 2025
The Russian firm made a significant attempt to expand overseas over the past two decades but is now trying to divest its global operations
10 November 2025
OPEC+ has proven to be astute at bringing back oil production, but mysteries around Chinese buying, missing barrels and oil-on-water have left the group in wait-and-see mode
7 November 2025
The Russian company’s German assets are under Berlin’s management and are exempt from sanctions, for now, but a permanent solution still needs to be found
6 November 2025
After years of pursuing ideologically driven climate leadership, Western powers are now stepping back under mounting political pressure and rising populist opposition—prompting concern essential climate action could be sidelined
