Wintershall Dea to sell stakes in Nyhamna terminal and Polarled pipeline

first_img Image: Wintershall Dea to sell its Norwegian midstream infrastructure assets. Photo: courtesy of Wintershall Dea/Thor Oliversen. Wintershall Dea has signed deals to offload its stakes in two of its Norwegian midstream infrastructure assets – the Nyhamna terminal and the Polarled pipeline to focus on upstream activities in the country.Under the terms of the agreement, the German oil and gas company will sell its stake of around 5% in the Nyhamna terminal, a gas processing and storage facility, to Norwegian oil and gas company CapeOmega.In the 482km long Polarled gas pipeline, Wintershall Dea will sell its 13.2550% stake to Solveig Gas Norway, which is a co-owner of the Gassled midstream joint venture in Norway. The Gassled joint venture operates various land-based gas plants and pipelines that include the Polarled gas pipeline.Financial terms of the two deals were not disclosed.Located in Aukra, Møre og Romsdal, the Nyhamna terminal, was initially built to process gas produced by the Ormen Lange field. Since the fourth quarter of 2018, the gas processing plant has also been receiving volumes from the Polarled pipeline.Polarled, on the other hand, is the first pipeline on the Norwegian Continental Shelf (NCS) to cross the Arctic Circle. Completed in 2015, the Polarled pipeline transports gas to the Nyhamna gas terminal since the fourth quarter of 2018 after the Aasta Hansteen field was brought on stream.Operated by Gassco, Polarled has been designed for connecting additional developments in the area in the future.Wintershall Dea said that the transactions on the Norwegian Continental Shelf are part of a larger programme aimed at streamlining its global portfolio after the closing of the merger between Wintershall and DEA in May 2019.Wintershall Dea CEO comments on the sale of the midstream assetsWintershall Dea CEO Mario Mehren said: “The sale of these two assets is an important step in the direction of capturing value from active portfolio management. The transaction will allow us to streamline our business activities in Norway and focus our efforts on higher priority assets in our portfolio.”The transactions are expected to close by the year-end subject to approvals from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance, said the German oil and gas company. Germany-based Wintershall Dea to sell Norwegian midstream assets to focus on its upstream business, which includes stakes across several offshore fields on the NCSlast_img read more

48th Annual Surf Fishing Tourney Set for Oct. 17 in Ocean City

first_imgKieth Van Laarhoven wants you to save a date: Saturday, Oct. 17.That’s when the Ocean City Fishing Club (OCFC) will host its 48th annual Invitational Surf Fishing Tournament.Van Laarhoven is tournament chairman, and he and members of the historic club are putting out a welcome mat for teams and individuals to compete in this popular event.“We always attract many of the most experienced anglers in the tri-state region,” he said. “But it’s also a time for families and individuals to experience the fun of fishing in the Ocean City surf.”Van Laarhoven is especially interested in encouraging friendly rivalries among local organizations, businesses, and institutions.OCFC trustee Bob Dever is co-chair of this year’s event.On the day of the tournament, registration will be held from 5:30 am to 7 am at the Ocean City Intermediate School, 18th Street and Bay Avenue. Registrants will draw lots for two different positions along the beach, from 15th Street south.The first fishing session will be from 7 am to 9:30 am followed by a half-hour break for travel to the second position and fishing from 10 am to 12:30 pm. Participants will return to the Intermediate School for a free lunch, door prizes, and presentation of awards to the winning teams and individuals.The fee is $60 for teams of up to six members. Individuals can sign up for $15 per person.“Although four-wheel drive vehicles are needed for a direct route to the fishing positions, our tournament is unique because anglers can also walk to their positions by using authorized paths over the dunes,” Van Laarhoven explained.Under the auspices of the Association of Surf Angling Clubs — which is celebrating its 100th anniversary — the tournament is co-sponsored by the Ocean City Department of Recreation.Now in its 102nd year, the Ocean City Fishing Club is the oldest, continuously operating fishing club in America.For more information about the Oct. 17 tournament, contact Kieth Van Laarhoven at (609) 893-5916, [email protected], or Bob Dever at (267) 251-2306, [email protected]— By George Ingram for the Ocean City Fishing Club Early-morning anglers lined the beaches during the Ocean City Fishing Club’s Invitational Surf Fishing Tournament last year.last_img read more