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For sale: Norwegian oil activities for USD 6.5 billion

A new acquisition wave could emerge in the North Sea where oil majors are prepared to divest on a large scale, says Rystad Energy after Tellus Petroleum's purchase of several oil activities from Wintershall. Oil activities for upwards of USD 6.5 billion for sale, notes the company.

Photo: COSL

Late last week German oil giant Wintershall sold North Sea oil activities for USD 600 million to the small Norwegian player Tellus Petroleum.

And this significant acquisition could herald the beginning of a new wave of transactions among oil companies on the Norwegian shelf, oil consultant Jarad Rysted of Rystad Energy tells Norwegian business daily Dagens Næringsliv. Rystad estimates that oil asset values for upwards of USD 6.5 billion could be ready to change hands on the Norwegian shelf.

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