Adnoc considers buying German oil and gas producer

State-owned Abu Dhabi National Oil Company (Adnoc) is exploring a potential acquisition of Wintershall Dea, the European energy business backed by BASF SE.

The possible deal could value Wintershall Dea, a German gas and oil producer, at more than €10 billion ($11 billion), the news agency reported, citing informed sources. 

UK-listed Harbour Energy Plc is also among suitors assessing the business, the report added.

• Hydrocarbon has role in ‘fair’ energy transition, says Adnoc
• Adnoc Gas earnings take a hit on lower prices
• Adnoc signs long-term LNG supply pact with Japan’s Jera

German chemical group BASF has been working with advisers to explore a sale of its 73 percent holding in Wintershall Dea, the sources said. 

London-based investment group LetterOne, founded by Russian billionaire Mikhail Fridman, owns the company’s remaining share.

Any transaction is likely to take place next year, as the Russian government needs to sign off on Wintershall Dea’s planned exit from the country, the report said. 

In November 2022 the Abu Dhabi oil major announced plans to invest $150 billion as part of its 2023-2027 business strategy to expand production capacity for crude, natural gas and chemicals.

In July, Adnoc discussed with Austria’s OMV AG the possible merger of Borouge and Borealis AG to create a chemical and plastics giant worth more than $30 billion.