Harbor Energy buys all Wintershall Dea’s production assets, except Russian ones – Kommersant
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British oil company Harbor Energy announced, which buys from the German chemical concern BASF and LetterOne Mikhail Fridman all their shares in the oil and gas company Wintershall Dea. The deal will cost Harbor Energy $11.2 billion.
As part of the deal, Harbor will acquire all of Wintershall’s production assets, with the exception of Russian ones. Thus, the British company will be given the development of fields in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria, as well as licenses for the capture and storage of carbon dioxide in Europe.
Wintershall Dea at the beginning of the year stated about the decision to leave the Russian market, noting that the loss from the write-off of Russian assets at the end of 2023 will amount to €5.3 billion.
On December 19, Vladimir Putin signed decrees on the creation of an LLC, to which all rights, assets and obligations of Gazprom’s joint ventures with Wintershall Dea and OMV will be transferred. We are talking about the Achimov deposits of the Urengoy field, where Wintershall DEA has shares in three joint ventures, as well as the Yuzhno-Russkoye field, where Wintershall has 35% and OMV has 25%.
The British company’s purchase of Wintershall will be paid partly in cash and partly in Harbor Energy shares. Thus, following the closing of the transaction, BASF, which owns 72.7% of Wintershall shares, will own 46.5% of Harbor shares, and will also be able to appoint two non-executive directors to Harbor’s board of directors.
This is not the first major deal on the oil market in recent months. Thus, on December 11, the American oil and gas company Occidental Petroleum acquired its competitor CrownRock for $12 billion. In October, Chevron acquired Hess Corp. for $53 billion, and ExxonMobil announced the purchase of another American oil and gas company, Pioneer Natural Resources, for $59.5 billion, which became one of the largest deals in the history of the oil market.
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