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Kluge advises Wintershall in major swap transaction on the Norwegian Continental Shelf (NCS)
Wintershall and Statoil announced Monday the 22.th of October a transaction whereby Wintershall will acquire interests in the Brage (32,7%), Gjøa (15%) and Vega (30%) fields. As compensation Wintershall will transfer a 15 % interest in the Edvard Grieg field to Statoil in addition to paying a cash consideration of USD 1,35 billion. An additional payment of up to USD 100 million will be paid contingent on the successful future development of the Vega field. Further, it is the joint intention of the parties that Wintershall takes over the operatorship of Brage. This is one of the largest licence transaction on the NCS.
Kluge has assisted Wintershall with a team lead by partners Thomas Abrahamsen and Olav Hasaas.
- “The fact that Wintershall trusted Kluge as legal advisor in this transaction shows Kluge’s leading position in advising on oil and gas transactions” says Managing Partner Snorre Haukali.
Kluge has in the recent years advised in a number of large licence transaction on the NCS. In 2011, Kluge advised Centrica in connection with the purchase of a number of licence interests from Statoil for an aggregated consideration of USD 1,625 billion.
Please refer to Wintershall’s press release for further information about this transaction; http://www.wintershall.com/en/press/detail/news/basf-subsidiary-wintershall-and-statoil-agree-on-asset-swap.html
For more information please visit www.kluge.no