Harbour Energy signs deal to acquire Wintershall Dea’s Egypt upstream assets

British energy company Harbour Energy has signed on Sunday an agreement to finalise the acquisition of Wintershall Dea’s upstream assets in Egypt, as per a Cabinet statement.

Yasseen Mohamed, Executive Managing Director of the state-run Egyptian Natural Gas Holding Company (EGAS), has signed the agreement with Sameh Sabry, Senior Vice President of Wintershall Dea Middle East and North Africa, and Howard Landes, Group General Counsel at Harbour Energy.

The acquisition of Wintershall Dea’s Egyptian assets positions Harbour Energy as a new player in the vital Egyptian oil and gas sector. The deal is expected to have positive repercussions for the industry, potentially leading to increased investments, exploration activities, and job creation. It also underscores the Egyptian government’s commitment to fostering a stable and attractive investment climate for international companies operating in the country.

Harbour Energy’s entry into the Egyptian market represents a significant expansion of its footprint in Africa, a key player in the global energy landscape. With this acquisition, the British company gains access to valuable assets in a strategically important region.

On December 21, Harbour Energy announced reached a “transformational acquisition” agreement with BASF and LetterOne, the shareholders of Wintershall Dea for a ‘transformational acquisition’ of substantially all of Wintershall Dea’s upstream assets for $11.2 billion. Under the agreement, Harbour Energy will acquire Wintershall Dea’s upstream assets in Norway, Germany, Denmark, Argentina, Mexico, Egypt, Libya, and Algeria as well as Wintershall Dea’s CO2 Capture and Storage (CCS) licences in Europe. Wintershall Dea’s Russian assets are excluded in the agreement.