- 10 per cent participating interest will be acquired by PTTEP
- Transaction is part of broader company changes
Wintershall Dea has signed an agreement with PTT Exploration and Production (PTTEP) on the sale of its 10 per cent participating interest in Abu Dhabi’s Ghasha concession. All the conditions required for closing, including regulatory approvals, have been fulfilled.
The transaction is part of broader company changes and follows the news in December 2023 that Wintershall Dea’s shareholders BASF and LetterOne signed a business combination agreement with Harbour Energy. The agreement is for the transfer to Harbour Energy of Wintershall Dea’s E&P business, consisting of its production and development assets and exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt and Denmark (excluding Ravn), as well as Wintershall Dea’s carbon storage licenses. Wintershall Dea's stake in the Ghasha project is not part of the agreement with Harbour Energy, and will now be sold to PTTEP.
As a result of the transaction, Wintershall Dea intends to close its office in Abu Dhabi and all operations in the country. The termination of its operations in the country will be made in compliance with all contractual and legal regulations.
Wintershall Dea’s activities in the UAE began in 2010 with the opening of a branch office. In November 2018, the company was awarded a 10 per cent participation interest in the Ghasha concession. Located offshore the Emirate of Abu Dhabi, the Ghasha concession comprises multiple projects.
Source: Wintershall Dea
