Wintershall Sells Share in Verbundnetz, Focuses on Production

Wintershall is proceeding with its plan to focus on oil and gas production, divesting assets in East Germany. The company sold 15.79% share in Verbundnetz Gas (VNG) to EWE for €320 million.

The two companies agreed on the sale in March 2014.  

‘Wintershall, Germany’s largest internationally active crude oil and natural gas producer, is increasingly concentrating on the upstream sector and is therefore divesting its own natural gas trading and storage business. The handover of the VNG shares is part of this strategy,’ reads a note released on Monday. 

Despite plunging oil and gas prices, Wintershall remains committed to expanding its oil and gas production to 160 million barrels of oil equivalent in 2015.

‘This represents an increase in production of more than half within one decade,’ the company commented. 

Earlier this year, the Kassel-based company increased it Norwegian exposure, acquiring a package of assets from Statoil for US $1.25 billion.