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BASF exploration and production subsidiary sells North Sea assets to Hungary's MOL

5:14 AM MST | December 13, 2013 | Francinia Protti-Alvarez

Wintershall (Kassel, Germany), the upstream oil and gas subsidiary of BASF, is optimizing its portfolio by divesting its share in selected assets on the UK continental shelf,  to MOL Group (Budapest), BASF announced today. MOL will acquire 14 licenses in the North Sea from Wintershall. The purchase price of $375 million is subject to value adjustments at closing, which is expected in the first quarter of 2014, BASF says. Wintershall has been active in the exploration and production of crude oil and natural gas for more than 80 years. “We are well on...

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