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MOL closes Wintershall asset acquisition

Deals

Representatives of oil-and-gas giant MOL this morning announced the successful close of the acquisition of upstream assets, comprising 14 licenses in the North Sea, from UK-based Wintershall Norge.

The portfolio includes non-operated equity stakes in the Broom (29%), Catcher (20%), Cladhan (33.5%), Scolty and Crathes fields (50%); additionally, Wintershall’s equity share in infrastructure on the Sullom Voe Terminal and Brent Pipeline System were also part of the deal.

The transaction was announced in mid-December 2013 as worth base consideration of $375 million; at that time, MOL officials touted the deal as of strategic value, with the company intending to enhance its offshore experience and achieve further growth in the region. MOL currently expects production from the acquired assets to reach 16,000 to 18,000 barrels of oil in 2018.

In a statement, MOL exploration/production chief Alexander Dodds reaffirmed that MOL would continue to develop its presence in the North Sea: “We intend to take part in upcoming licensing bid rounds and aim to become operators ourselves.”

-- David Landry contributed to this article

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