Harbour Energy is expected to purchase oil and gas assets from Wintershall Dea’s co-owners in the near future.

This acquisition will feature Harbour Energy obtaining the vast majority of Wintershall Dea’s assets. That said, Habour Energy is set to avoid Russian assets.

This is unsurprising as it links in with broader momentum and tendencies among western companies/governments to limit or avoid Russian investments. These trends, of course, took off following Russia’s invasion of Ukraine in February 2022.

Habour Energy reportedly made an agreement last December for acquiring a large sum of Wintershall Dea’s gas/oil exploration and production assets. These types of assets are also known as upstream assets. The acquisition is anticipated to take place in early September.

According to Harbour energy, the company, along with Wintershall Dea’s key stakeholders made an $11.2 billion agreement for the exchange of the assets. Harbour Energy will utilise shares and cash to obtain the assets from the co-owners LetterOne and BASF SE.

Based on a post from BASF’s official website, they hold 72.7% of Wintershall Dea’s ordinary shares. LetterOne is in possession of the remaining 27.3%.

Harbour Energy plc, which has its headquarters in Edinburgh was founded in 2014. It currently employs around 1,700 staff.

The UK oil and gas company’s first acquisition came in the form of securing $3 billion worth of North Sea assets. Multinational oil and gas company Shell originally owned these assets.