Gazprom and Wintershall complete assets swap deal

Russia’s Gazprom, a global energy company, and Germany’s largest internationally active crude oil and natural gas producer, Wintershall Holding, have completed the swap of assets with equivalent value effective at the end of September 30, 2015, financially retroactive to April 1, 2013. 

As a result of the deal, Gazprom increased its share in European gas trading and storage companies WINGAS, WIEH (Wintershall Erdgas Handelshaus GmbH & Co. KG) and WIEE (Wintershall Erdgas Handelshaus Zug AG) to 100 per cent as well as received a 50 per cent stake in WINZ (Wintershall Noordzee B.V.) involved in hydrocarbon exploration and production in the North Sea.

In its turn, Wintershall obtained 25.01 per cent in the project for developing Blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field offshore Russia.

The Achimov deposits lie at big depths (nearly 4,000 meters) and feature abnormally high formation pressures (over 600 Ata) and heavy paraffins presence, which considerably complicates their development and exploitation. Geological exploration has proven the Achimov deposits productivity across a vast area of the Nadym-Pur-Taz region. The bulk of recoverable hydrocarbon reserves of the Achimov deposits are accumulated in the Urengoy oil, gas and condensate field. The aggregate production volume in blocks 4A and 5A of the Achimov deposits is estimated at some 274 billion cubic meters of natural gas and 74 million tons of gas condensate.

Together these activities contributed about €12.2 billion ($13.6B) to sales and around €260 million ($290M) to EBITDA of BASF Group in 2014 and about €7.2 billion ($8B) to sales and around €240 million ($268M) to EBITDA of BASF Group in the first half of 2015. Wintershall Holding GmbH is a wholly-owned subsidiary of BASF.

“For over 40 years Gazprom has been a reliable supplier to Europe. Strengthening the Company’s positions in the European gas storage and sales segment guarantees uninterrupted gas supplies to consumers,” pointed out Alexey Miller, Chairman of the Gazprom Management Committee.

“Following our long-term partnership in the gas trading and storage business, we have transferred it to our partner and are convinced that Gazprom will continue to successfully develop the business.

Kurt Bok, Chairman of the BASF Board of Executive Directors, said: “We look forward to further expanding the joint production of natural gas and condensate with Gazprom in Western Siberia.”

WINGAS is mainly engaged in natural gas wholesale trade and storage. The company supplies hydrocarbons to customers in Germany, where it occupies over 20 per cent of the market, as well as to Austria, Belgium, the Czech Republic, the Netherlands, the UK and other countries.

WIEH purchases and sells natural gas in Germany while WIEE is mainly focused on natural gas sales in Southeastern Europe.

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