Russia's Gazprom has signed a framework agreement with Germany's energy giant Wintershall on a possible asset swap under which Gazprom will get half of Wintershall's North Sea assets in exchange for a blocking stake in part of the Urengoy gas field in northwest Siberia, the firms said on Friday.
"According to the agreement, two ... blocks of the Achimov formation of the Urengoy field in western Siberia will be developed by the two companies. Wintershall ... will initially hold a working interest of 25 percent plus one share in the development of blocks IV and V. Wintershall retains the option of increasing this shareholding to 50 percent," the firms said in a joint statement.
"The framework agreement stipulates that Gazprom will receive interests of equal value in selected exploration and production projects by Wintershall in the North Sea ... Gazprom will ultimately receive half of Wintershall's shares in these concessions."
Wintershall and Gazprom have another joint venture, Wingas marketing firm, which is one of the largest European gas suppliers.
