MOL Group Shells Out $375M For North Sea Energy Assets

Law360, New York (December 13, 2013, 3:13 PM EST) -- Hungarian energy giant MOL Group said Friday that it would pay $375 million to gain a foothold in the North Sea, snapping up exploration and production assets off the U.K. coast from BASF Group unit Wintershall Holding GmbH.

MOL said it was purchasing 14 offshore licenses from Wintershall, which will allow the company to maintain and increase its overall production level and own a core around which it can further group other exploration, development and production phase assets in the region.

MOL Chairman and CEO Zsolt...
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