The UK independent oil and gas company Harbour Energy has reached an agreement with BASF and LetterOne, the shareholders of Wintershall Dea, to acquire all of Wintershall Dea's upstream assets for US$11.2bn. The transaction includes upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya and Algeria, along with Wintershall Dea’s CO2 Capture and Storage licences in Europe. Wintershall Dea's assets in Russia have just been seized under presidential decrees, ordering that stakes held by the company and by OMV in the Yuzhno-Russkoye field and in the Achimov project be reverted to newly created Russian companies.
With this acquisition, which will add 1.1 Gboe of 2P reserves at around US$10/boe and more than 300 kboe/d of production at around US$35,000/boe/d, Harbour Energy aims to become one of the world’s largest and most geographically diverse independent oil and gas companies, with a combined production of more than 500 kboe/d and 2P reserves of 1.5 Gboe. Its Norwegian production should increase to 170 kboe/d and its global revenues should reach over US$5bn. The transaction is expected to conclude in the fourth quarter of 2024.