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Wintershall buys into norwegian oil and gas fields

In return for the stake in the three north sea fields brage (32.7 percent share), gjosa (15 percent) and vega (30 percent), statoil will also receive 15 percent of the edvard grieg oil field. If the vega field develops well, the largest german producer of oil and natural gas will transfer another 100 million US dollars to the norwegians. Approval by the authorities is still pending.

With the deal, wintershall is increasing its current daily production in norway from around 3,000 to just under 40,000 barrels of oil equivalent (boe) in the coming year. Wintershall is thus taking a major step forward with its oil and gas growth strategy "and the expansion of its activities directly at the source," said BASF chairman of the board of executive directors kurt bock. "This makes wintershall one of the leading producers in norway."The norwegian continental shelf (NCS) is considered one of the most important oil and gas regions in the world.

Wintershall also to take over operations at brage field. This is a step towards a self-operated production expansion in norway, wintershall CEO rainer seele stressed. "We want to be active on the shelf in the long term, establish ourselves as a partner and take on responsibility."

"This agreement marks the beginning of a long-term strategic and technological partnership between our two companies," statoil chief executive helge lund announced. Both companies also agreed on joint research to increase oil yields. "Together we will develop new insights and technologies to increase value on the NCS and internationally," lund shared.

Wintershall and statoil also plan to cooperate in the search for unconventional hydrocarbon deposits in germany and internationally. Accordingly, statoil is to receive a 49 percent stake in the german wintershall concessions "rheinland" and "ruhr.

But experts say the importance of oil production in the north sea is declining. "In ten years’ time, oil production in the north sea will probably be insignificant," norbert allnoch, director of the international economic forum for renewable energies, said recently. According to a study, production of oil in the north sea is at its lowest level in 30 years.

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