Wintershall Dea has divested its 50% stake in the Wolgodeminoil joint venture (JV) to its partner RITEK, a subsidiary of Russian oil firm Lukoil.

The mutual agreement between of the parties to transfer the assets has been approved by the Federal Antimonopoly Service (FAS) of the Russian Federation.

With the completion of the sale, the longest-operating Russian-German joint venture will be 100% owned and operated by RITEK going forward.

The German firm said that the transfer of assets forms part of corporate strategy to optimise production costs with an emphasis on Russian gas and gas condensate assets.

Wintershall Dea board chairman Mario Mehren said: “Expertise in the oil and gas business at the highest level and technological know-how – this is what brought LUKOIL and Wintershall Dea together almost 30 years ago.

“A pioneering partnership that has developed into a close and trusting cooperation. We want to build on this and are delighted that we will continue our successful cooperation with LUKOIL in our international projects,” emphasises, of the of

With operations in 14 districts of the Volgograd Region as well as five districts of the Saratov Region, Wolgodeminoil produces oil and natural gas from 12 fields.

Wolgodeminoil reported production of eleven millionth tonne of oil in March 2021.

Wintershall, together with its Russian partners, is involved in hydrocarbons exploration and production activities in Western Siberia and southern Russia.

Recently, the German company said it made significant gas, condensate and oil discovery at the Dvalin North prospect in the Norwegian Sea.

The company estimates that the Dvalin North discovery holds between 33-70 million barrels of oil equivalent (boe).