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
21 March 2025
Two recent developments raise the prospect of a revival in northern Iraqi oil and gas fortunes, but familiar obstacles could thwart momentum
20 March 2025
As cash-strapped Western governments commit to substantially raising defence expenditure, a similar dynamic is playing out in Saudi Arabia’s oil and gas sector, as Saudi Aramco maintains it heavy capex push despite reduced revenues
20 March 2025
Tariffs, sanctions and trade conflicts are upending the oil market, impacting crude differentials and shipping rates and creating uncertainty
20 March 2025
While advanced economies debate peak fossil fuel demand, billions of people still lack access to reliable and affordable energy, especially in the Global South
