Wintershall is to sell its assets in four non-operated offshore fields on the Norwegian Continental Shelf to Sequa Petroleum’s wholly owned subsidiary Tellus Petroleum, in a deal worth $602m.

Under the deal, Wintershall is selling Knarr (20%), Veslefrikk (4.5%), Ivar Aasen (6.4615%) and Yme (10%) oil fields in addition to equity stakes in seven exploration licenses close to the Knarr, Maria and Ivar Aasen fields as well as in the Barents Sea.

Simultaneously, the company is also reducing its share in the own-operated Maria Development by 15% to 35%.

Tellus Petroleum will serve as a partner to develop the field and Wintershall will continue to operate it.

The divestment will also include ownership interests in the Utsira High Gas Pipeline (3.8769%), the Edvard Grieg Oil Pipeline (2.5846%), and the Knarr Gas Pipeline (20%).

Out of the complete agreed purchase price, $40m is subject to the Maria Field development being approved by the Norwegian Ministry of Petroleum and Energy.

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"We are selling shares in non-operated fields at a competitive price and reducing our investment obligations."

Depending on the oil price appreciation from 2016 to 2019, Tellus Petroleum will make a further payment of up to $100m.

The deal is subject to approval by the relevant authorities and is expected to close by the end of this year.

Wintershall member of the board of executive directors Martin Bachmann said: "With this transaction, we are selling shares in non-operated fields at a competitive price and reducing our investment obligations."

"We are happy that with Tellus Petroleum another competent partner is joining the consortium to develop Maria and take it to production."

Wintershall aims to continue raising the production of oil and gas to 190 million barrels of oil equivalent by the 2018.

Image: Wintershall will reduce its share in the Maria Development by 15%. Photo: © Wintershall Holding GmbH.