Energy Business Review: BASF Swaps Assets With Statoil, Shell Partners With Exxon
BASF (BASFY.PK) will be able to increase its output and oil and gas reserves in the North Sea as it exchanges assets with Norway’s Statoil (NYSE:STO), which also will get at least $1.35 billion from the deal. BASF division Wintershall obtains shares in three producing fields that hold reserves of some 100 million barrels of energy equivalent, along with a 32.7 percent interest in the Brage field.
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Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) and Exxon Mobil Corporation (NYSE:XOM) plan to jointly develop the Fram oil and gas field in theUnited Kingdom’s Central North Sea, once final approval is gained from the Department of Energy and Climate Change. Fram should produce on average 35,000 barrels of energy equivalent per day, once output is begun within the next three years.
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