BASF's Wintershall buys Statoil assets to secure European supply

LUDWIGSHAFEN, Germany (Bloomberg) -- BASF SE’s oil and gas arm agreed to buy assets from Norway’s Statoil ASA for $1.25 billion, diversifying energy supplies for Germany’s biggest chemical maker as relations between Europe and Russia worsen. BASF’s Wintershall is acquiring a share in two producing fields, two development projects, the Polarled pipeline project and a share in four exploration licenses, the Ludwigshafen, Germany-based company said Sept. 12 in an emailed statement. Wintershall’s daily production in Norway will increase 50% to about 60,000 boe.

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