European commission approved acquisition of Wntershall assets by Gasprom

The European Commission has approved acquisition of assets for sale and storage of gas in Holland and Germany by Gasprom, reported http://itar-tass.com.

According to the agreement signed in November 2012, Wintershall will receive 25% plus one share in 4 and 5 blocs of Achimov deposits of the Urengoy field on the west of Siberia together with the option to increase the same up to 50%.

According to the development plan, the resources of the blocs total 274 billion cub.m. of gas and 74 million tons of condensate. Total annual production during the peak period will reach about 8 billion cub.m. The beginning of production is scheduled for 2016.

As a result of exchange of assets, Wintershall will drop out of the companies established jointly with Gasprom – Wingas, WIEH and WIEE – as well as operator of the gas storages Astora, which owns Reden and Emgoom underground gas storage in Germany and Heidakh in Austria. Gasprom will also receive 50% in Wintershall Noordzee BV, which is involved in oil and gas exploration and production on the south of the North Sea. 

“European Commission has come to conclusion that the deal leaves no doubts concerning violation of the EU competition and decided that acquisition of assets will not let Gasprom limiting the consumers’ access to the gas deliveries, considering availability of sufficient alternative upstream suppliers,” reads the statement.—0---