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Image courtesy of Wintershall.

Germany’s Wintershall agreed Thursday to sell stakes in several North Sea assets and fields to Tellus Petroleum for a combined $602 million.

Tellus will pick up a 20 percent stake in the Knarr field, a 10 percent stake in the Yme field, a 6.46 percent stake in the Ivar Aasen field and a 4.5 percent stake in the Veslefrikk field.

All of the assets are located on the Norwegian Continental Shelf.

The package also includes equity stakes in seven exploration licenses in the vicinity of the Knarr, Maria and Ivar Aasen fields and in the Barents Sea.

Tellus will also pick up  a 3.8 percent ownership a interests in the Utsira High Gas Pipeline, a 2.5 percent interest the Edvard Grieg Oil Pipeline and a 20 percent ownership interest in the Knarr Gas Pipeline.

Wintershall said is also reducing its share in its Maria Development by 15 percent to 35 percent and has gained Tellus Petroleum as a further partner to develop the field.

The agreed purchase price for the transaction is $602 million, with $40 million subject to the Maria Field development being approved by the Norwegian Ministry of Petroleum and Energy.

Wintershall will continue to be the operator for the Maria discovery.

In addition, Tellus Petroleum will make a further payment of up to $100 million depending on the development of the oil price in the period from 2016 to 2019.

The transaction is expected to close by the end of 2015, subject to approval by the relevant authorities, and will be financially retroactive to January 1, 2015.

“We continue our strategy to grow at the source. With this transaction we are selling shares in non-operated fields at a competitive price and reducing our investment obligations,” Martin Bachmann, member of the Board of Executive Directors of Wintershall and responsible for exploration and production in Europe, said.

The sale does not affect Wintershall’s production targets.

Tellus Petroleum AS is a wholly owned subsidiary of Netherlands-based Sequa Petroleum N.V.