German energy company Wintershall AG is expanding its operations in the North Sea in an asset swap with Norway's Statoil ASA that includes a $1.35 billion payment to the Norwegian firm.
Wintershall, a unit of BASF SE, said the deal announced Monday gives it stakes in the Brage, Gjoea and Vega fields, with proved and probable reserves of 100 million barrels of oil equivalent.
Statoil receives a 15 percent share in the Edvard Grieg development project from Wintershall. The German company will also pay Statoil $1.35 billion in cash, with an additional $100 million contingent on successful development of the Vega field.
The deal, which is subject to regulatory approval, is set to take effect on Jan. 1, 2013.