MOL Closes Deal With Wintershall For 14 Licences in North Sea

Hungary-based MOL closed its previously announced deal with Wintershall and acquired offshore assets with 14 licenses in the North Sea, planning a future expansion in the Scottish waters. 

“The North Sea is a very attractive area, and MOL will continue to develop its presence in the region. We intend to take part in upcoming licensing bid rounds and aim to become operators ourselves,” Alexander Dodds, MOL Group Executive Vice President for E&P, said in a note released on Tuesday.  

According to the Share Purchase Agreements with Wintershall, MOL has acquired offshore assets with 14 licenses on the United Kingdom Continental Shelf. The portfolio includes non-operated equity stakes in the Broom (29% Working Interest), Catcher (20% WI), Cladhan (33.5% WI), Scolty and Crathes fields (50% WI).

“Through the divestment, Wintershall concentrates on strengthening its competencies in exploration, field development and production activities on own-operated assets in the North Sea,” Rainer Seele, Chairman of the Board of Executive Directors of Wintershall, commented in another note. 

The acquisition proves an increased interest in the UK North Sea.

Also on Tuesday, Faroe Petroleum said it eyes investment opportunities in the area. In the press release about the preliminary results for the year ended 31 December 2013, the company said it is ‘well positioned to achieve significant value growth through near term exploration drilling, field investments and potential asset acquisitions.’