BASF's Wintershall to Sell Some Non-Operated Assets to MOL

Wintershall Holding GmbH, a wholly owned unit of BASF SE (BAS.XE), will sell some non-operated assets in the North Sea to Hungary's MOL group (MGYOY) to focus on its own exploration and production activities in the region.

"With the divestment of non-operated assets, we can concentrate on strengthening our competencies in exploration, field development and production activities on own-operated assets in the North Sea," Wintershall Chairman Rainer Seele said

The transaction will garner $375 million for Wintershall and the deal is expected to close in the first quarter of 2014, pending regulatory approval. The deal will be financially retroactive to Jan. 1, 2013.

MOL gains 14 North Sea licenses as well as non-operated equity stakes in other developments, including Broom, Cladhan, Catcher, Scolty Crathes, Blakeney and the Lucius prospect. The deal also includes Wintershall's equity share in the Sullom Voe Terminal and the Brent Pipeline System.

Wintershall and MOL also signed a cooperation agreement to jointly pursue exploration and production in both the North Sea and the Middle East region.

Write to Monica Houston-Waesch at [e-mail]

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