Gazprom: Exchange of assets with Wintershall might be realized in H1 2013

The realization of the deal between Gazprom OAO and Wintershall (Germany) on the exchange of assets might be held in H1 2013, the deputy chairman of Gazprom, A. Medvedev said. The main conditions of the deal might be agreed this year and it might be realized in H1 2013.
According to him, all the details of the deal will be clear after the final preparation and singing of the agreement. Gazprom in this case will follow the same principles as at the similar exchanges of assets. First of all, the respective assets are to be of strategic meaning for both parties. Secondly, the assets are to be equivalent to the cost that requires a detailed assessment. Mainly the assets in the North Sea will be exchanged, Mr. Medvedev added.
Earlier he said that Gazprom might sign the binding agreement on the exchange of assets with Wintershall in November 2012. The head of Gazprom, A. Miller, and the chairman of the Council of the executive directors of BASF SE, C. Bock, in October 2011 signed a framework agreement containing the conditions of the possible exchange of assets. In the framework of the agreement Gazprom and Wintershall presupposed the possibility of the joint development of 2 sites of the Achimov layers of the Urengoi deposit as well as Gazprom’s obtaining the equivalent stakes of participation in the oil and gas projects of Wintershall on the geological exploration and production in the North Sea.
The document presupposed that at the first stage of cooperation the stake of Wintershall in the development of 2 sites of the Achimov layers would be 25% plus one share. In exchange Gazprom was supposed to have a 50% stake in the oil and gas projects realized by Wintershall in the North Sea.
BASF SE is the leading chemicals company in the world. It produces chemical reagents, synthetic materials, products for plant protection as well as the hydrocarbons production and transportation. Wintershall Holding GmbH is a 100% affiliate of BASF concern working in the sphere of energy. Gazprom and Wintershall Holding GmbH founded JVs WINGAS and WIEH.
BASF SE and Wintershall Holding GmbH are partners of Gazprom on the development of the Yuzhno-Tambey oil and gas deposit, experimental and industrial operation of the 1A site of the Achimov layers of the Urengoi oil and gas condensate deposit as well as the construction of the Nord Stream gas pipeline.
The Achimov layers are located at the depth of about 4 km with the anomalous high reservoir pressure (more than 600 atmospheres) and loaded by heavy paraffin. On the results of the geological exploration the productivity of the Achimov layers was confirmed at quite vast territory of the Nadym-Pur-Taz district. The main extractable hydrocarbons reserves of the Achimov layers of this district are focused on the Urengoi oil and gas condensate deposit, the subsoil user of which is Gazprom dobycha Urengoi, a 100% affiliate of Gazprom. The reserves of the Achimov layers only at the deposits of Gazprom dobycha Urengoi OOO make up more than 1 trln cubic meters of gas and 200 mln tons of condensate (C1).
In July Gazprom and Wintershall Holding AG founded a JV – Achimgas CJSC – to develop the first trial site of the Achimov layers of the Urengoi deposit which in 2008 was put into experimental and industrial operation. 

http://rosinvest.com/novosti/940597
Translated by Galiya Musabekova