BASF Finalises $11.2 Billion Transfer of Wintershall Dea’s Global E&P Business to Harbour Energy Ahead of Schedule

BASF Finalises $11.2 Billion Transfer of Wintershall Dea’s Global E&P Business to Harbour Energy Ahead of Schedule

(IN BRIEF) BASF has completed the sale of Wintershall Dea’s international E&P operations, excluding Russia, to Harbour Energy plc ahead of schedule after securing all regulatory approvals. The $11.2 billion deal includes cash payments, Harbour shares, and the transfer of bonds, giving BASF a 39.6% stake in the enlarged company. Assets transferred cover operations in multiple countries, along with CCS licenses. The transaction legally separates Wintershall Dea’s global business from its Russia-related activities, which BASF and LetterOne will wind down. Around 1,200 employees join Harbour, while site closures in Hamburg and Kassel affect about 800 staff under a social plan. Leadership changes see Stefan Schnell and Larissa Janz take charge of the restructured Wintershall Dea GmbH. In 2023, Harbour and Wintershall Dea’s combined business reported $10.1 billion in sales, over 500,000 barrels of oil equivalent per day in production, and 2P reserves of 1.5 billion barrels.

(PRESS RELEASE) LUDWIGSHAFEN, 15-Aog-2025 — /EuropaWire/ — BASF has completed the transfer of Wintershall Dea’s international exploration and production (E&P) business, excluding Russia-related operations, to Harbour Energy plc (Harbour) ahead of schedule, following the receipt of all necessary regulatory approvals. The deal, initially agreed in December 2023, includes producing and development assets, exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershall AG), Egypt, and Denmark (excluding Ravn), as well as carbon capture and storage (CCS) licenses.

In return, Wintershall Dea’s shareholders – BASF (72.7%) and LetterOne (27.3%) – received $2.15 billion in cash (BASF share: $1.56 billion) and newly issued Harbour shares representing a 54.5% stake in the enlarged company (BASF share: 39.6%). The transaction values Wintershall Dea’s assets at $11.2 billion, including approximately $4.9 billion in outstanding bonds that were also assumed by Harbour at closing. With Harbour listed on the London Stock Exchange, the agreement allows BASF to monetise its shareholding over time without additional structural steps.

“This milestone marks BASF’s decisive move to fully separate from the oil and gas sector. Our Harbour Energy shares have strong value potential and will enable us to optimise our gradual exit in the years ahead,” said Dr. Dirk Elvermann, BASF SE’s Chief Financial Officer.

Wintershall Dea’s Hamburg and Kassel headquarters were not included in the transaction. A reconciliation of interests and social plan agreed in June 2024 will support around 800 affected employees through the site closures, with redundancies being implemented in a socially responsible manner. Of the approximately 1,200 employees transferring with the business, Harbour will also absorb a number of former headquarters staff.

The transaction also completes the legal separation of Wintershall Dea’s international operations from its Russia-related business. BASF and LetterOne retain ownership of Wintershall Dea’s Russia-related activities, which are protected under German federal investment guarantees. The company announced its intention to exit Russia in January 2023, with a phased wind-down of remaining shareholdings underway.

Additionally, Wintershall Dea finalised the sale of its 50.02% stake in WIGA Transport Beteiligungs-GmbH & Co. KG and WIGA Verwaltungs-GmbH to SEFE Securing Energy for Europe GmbH in March 2024, with the transaction closing on August 30, 2024. This makes SEFE the sole owner of the German gas transport company.

Leadership changes followed the Harbour deal, with CEO Mario Mehren, COO Dawn Summers, and CFO Paul Smith stepping down. Stefan Schnell, formerly Senior Vice President Group Reporting & Performance Management at BASF SE, and Larissa Janz, previously Vice President Special Projects at Wintershall Dea, have assumed the roles of Chairman and Deputy Chairwoman of the Management Board, respectively. Wintershall Dea AG will soon be converted into a limited liability company, operating under the name Wintershall Dea GmbH.

Dr. Hans-Ulrich Engel, Chairman of the Supervisory Board, expressed appreciation for the contributions of all employees and especially the outgoing executive team, while wishing the new leadership success. In 2023, the combined Harbour and Wintershall Dea business achieved pro-forma sales of $10.1 billion, produced over 500,000 barrels of oil equivalent per day, and reported 2P reserves of 1.5 billion barrels of oil equivalent at year-end.

About Wintershall Dea

Wintershall Dea was formed in 2019 from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG. In December 2023, its shareholders BASF and LetterOne signed an agreement to sell Wintershall Dea’s E&P business and carbon storage licences to Harbour Energy. The Russia-related activities are not part of the transaction. Upon completion of the transaction with Harbour Energy, Wintershall Dea will focus on divesting its remaining assets, handling claims, restructuring the company and ultimately, implementing a responsible closure of its headquarters in Kassel and Hamburg.

About Harbour Energy

Since its creation in 2014, Harbour has grown to become one of the world’s largest and most geographically diverse independent oil and gas companies. Today, Harbour is producing c.475,000 barrels of oil equivalent per day with significant production in Norway, the UK, Germany, Argentina and North Africa. Harbour benefits from competitive operating costs and resilient margins, and a broad set of growth options including near-infrastructure opportunities in Norway, unconventional scalable opportunities in Argentina and conventional offshore projects in Mexico and Indonesia. With low GHG emissions intensity and a leading CO2 storage position in Europe, Harbour remains committed to producing oil and gas safely and responsibly to help meet the world’s energy needs. Harbour is headquartered and listed in London with approximately 5,000 staff and contractors across its operations and offices.

About LetterOne

LetterOne is a $20 billion long-term investment business headquartered in Luxembourg. It supports 120,000 jobs globally in sectors including health, energy, technology and retail.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. Around 112,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €68.9 billion in 2023. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the United States. Further information at www.basf.com.

Media Contacts:

Media Relations:
Jens Fey
Phone: +49 621 60-99123
jens.fey@basf.com

Investor Relations:
Dr. Stefanie Wettberg
Phone: +49 621 60-48002
stefanie.wettberg@basf.com

SOURCE: BASF