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LONDON (Thomson Financial) - Venture Production Plc said it has agreed to
acquire Wintershall Noordzee BV's interests in two gas projects in the
Netherlands with combined recoverable reserves of up to 100 billion cubic feet
of gas.
The deal involves offshore North Sea blocks A15a and B17a in which
Wintershall, BASF's oil and gas unit, is the operator and the 27 percent and
23.5 percent shareholder, respectively.
The blocks contain the A15-2 and the B17-5 gas finds. The A15-2, located
adjacent to the A12, B10 and B13 fields that are currently being developed, is
believed to contain gross recoverable reserves of 65 bcf.
B17-5, located 10 km northwest of the Hanze field, has estimated recoverable
resources of 35 bcf.
Mike Wagstaff, Venture's chief executive, said the group hopes to bring
these projects on stream over the next three years.
"At current forward curve prices for continental gas, this makes the
acquisition and development of such assets a highly attractive way to redeploy
some of the substantial operating cashflow we are currently generating," he
said.
Financial terms of the acquisition, which is subject to regulatory approval,
were not disclosed.
monicca.egoy@thomsonreuters.com
mbe/mbe/jlc
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