Gazprom International Limited Announces North Sea Assets Sale
Gazprom International Limited ILLC has launched a competitive process to sell its North Sea assets. The company has placed a call for bids on Gazprombank's e-trading facility.
The company plans to sell its 50% share of Wintershall Noordzee B.V. (WINZ), a joint venture with its European partner Wintershall Dea, and 100% shares of Gazprom International UK Limited, a subsidiary holding an interest in the consortium participating in Sillimanite's gas field development. Perimeter of the transaction also includes the sale of 100% of the shares of Gazprom UK Limited, a company that holds Gazprom UK Resources S.A. with an interest in the consortium participating in Wingate's gas field development. At the same time, WINZ also holds interests in consortium participating in Sillimanite's and Wingate's gas field development.
Background:
Gazprom International Limited ILLC became a shareholder of Wintershall Noordzee B.V. (WINZ) in 2015 as part of the assets swap between Gazprom and Wintershall Holding GmbH (Wintershall Dea presently).
Under the agreement the Company got a 50% share in Wintershall Noordzee B.V., a subsidiary of Wintershall Dea GmbH that explores and produces hydrocarbons in the North Sea. WINZ's portfolio includes fields in the Dutch, British, and Danish sectors of the North Sea.
The Company's main producing projects are K18-Golf, Wingate, Q1-B, Q1-D, and Sillimanite, which account for about 90% of the Company's extracted products. Extracted natural gas is delivered to the EU market on spot contracts.
Sillimanite is a gas field discovered in June 2015. Located in the British and Dutch sectors of the North Sea shelf, it lies approxiamately 200 km off the Dutch coast. Gas from the field is supplied to the Dutch pipeline system.
Wingate is a shallow-water gas field which is located within four blocks of the southern part of the British continental shelf of the North Sea, in Silverpit Basin. The field was discovered in 2008 and put into operation in 2011. Wingate offshore platform operations are managed remotely from the Dutch coastal city of Den Helder. Gas from the field is supplied to the Dutch pipeline system.