Four permits in the Danish part of the North Sea are now changing hands. The Danish Energy Agency has approved a deal between Harbour Energy and Wintershall Dea International whereby the former will take over ownership interests in two hydrocarbon permits and two CO2 permits issued by the Danish state to Wintershall Dea. The agency announced this in a press release.
The sale of the Danish permits is part of a larger international deal that was concluded in December last year and includes three Wintershall companies (excluding Wintershall's Russian commitments) being transferred to Harbour's ownership. BASF and LetterOne owned 72.7 percent and 27.3 percent of the Wintershall group, respectively.
Specifically, these are permits 4/95 (Nini), 16/98 (Cecilie), C2023/01 (Iris) and C2024/01 (Greenstore). The first two are permits for exploration and production of hydrocarbons, the latter two are CO2 permits. The Iris permit concerns the storage of CO2 underground in the North Sea, while the Greenstore permit concerns the exploration of CO2 storage on land at Gassum.
Must provide guarantees
Wintershall International's ownership interests in the four permits in question are 42.857 percent of Nini, 43.590 percent of Cecilie and 40 percent of the CO2 permits. The Ineos Group owns the remaining percentage shares in the hydrocarbon permits and also 40 percent of the CO2 permits, with the Nordsøfonden owning the remaining 20 percent. INEOS is the operator of the hydrocarbon permits and Iris. Wintershall is the operator of Greenstore.
"Overall, the Danish Energy Agency assesses that Wintershall International, also under Harbour's ownership, has the necessary technical and financial capacity to be able to handle its responsibilities as a licensee, including as an operator of Greenstore," the announcement from the Danish Energy Agency reads.
However, the permit only applies if Harbour provides parent company guarantees for the fulfillment of obligations in the permits, and that the two former owners of Wintershall International – BASF and LetterOne – make declarations of subsidiary liability for liquidation costs in connection with the hydrocarbon permits, the agency informs.
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