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Wintershall Dea sell interests in Norwegian gas terminal, pipeline

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Wintershall Dea subsidiary Wintershall Norge has agreed to sell its interests in the Nyhamna terminal and the Polarled pipeline to CapeOmega and Solveig Gas Norway, respectively.

The decision to sell the interests on the Norwegian Continental Shelf is part of a broader programme to optimise Wintershall Dea’s global portfolio, following the merger between Wintershall and DEA in May 2019.

Polarled, which was completed in 2015, is the first pipeline on the Norwegian Continental Shelf to cross the Arctic Circle. It has delivered gas to the Nyhamna gas terminal since the end of 2018, when the Aastan Hansteen field achieved first production.

The Nyhamna terminal is a gas processing and storage facility initially constructed to process gas from the Ormen Lange field. It now also receives gas from the Polarled pipeline.

“The sale of these two assets is an important step in the direction of capturing value from active portfolio management,” explained Mario Mehren, CEO of Wintershall Dea. “The transaction will allow us to streamline our business activities in Norway and focus our efforts on higher priority assets in our portfolio.”

Wintershall Dea holds interests in over 100 licences in Norway; in 2018, the Scandinavian country accounted for 23.8% – or 140 million barrels of oil equivalent per day – of the company’s total production.

“Norway will continue to play an important role in Wintershall Dea’s international portfolio in the coming years and this transaction is in line with our strategy of focusing on our upstream activities and ambition to capture future growth opportunities on the Norwegian Continental Shelf,” added Alv Solheim, managing director of Wintershall Dea in Norway.

In addition to acting as the operator of three Norwegian producing fields, Wintershall Dea is developing its own Dvalin and Nova fields, and is a partner in several other projects.

The transaction is expected to be complete by the end of 2019, pending approvals from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.