Hungary-based oil and gas company MOL has closed its previously announced deal with German BASF Group member Wintershall and acquired offshore assets with 14 licenses in the North Sea for $375m.
Under the share purchase agreements signed with Wintershall on 12 December 2013, MOL has acquired offshore assets on the UK Continental Shelf.
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According to MOL, the portfolio includes non-operated equity stakes in the Broom (29%), Catcher (20%), Cladhan (33.5%), Scolty and Crathes fields (50%).
Wintershall’s equity share in Sullom Voe Terminal and Brent Pipeline System’s infrastructure assets were also part of the deal.
MOL Group E&P executive vice-president Alexander Dodds said: "The North Sea is a very attractive area, and MOL will continue to develop its presence in the region.
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"We intend to take part in upcoming licensing bid rounds and aim to become operators ourselves."
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By GlobalDataThe deal, which is said to be of strategic value for MOL, provides the company with an opportunity to acquire a foothold in the attractive North Sea area.
In December, the companies also signed a strategic cooperation memorandum to develop their partnership and pursue E&P opportunities in both the North Sea and the Middle East region jointly.
Recently, MOL opened an office in Aberdeen in a bid to support its operations and its future expansion in the region.
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