Wintershall with record resultsWintershall, Germany's largest producer of oil and gas, achieved a net income of 1.8 billion euros (NOK 14.9 billion) in 2013.
This represents an increase of 48 percent over 2012. With an extensive license portfolio, Wintershall is currently one of the most active companies on the Norwegian Shelf. The company, which is a wholly owned subsidiary of the chemicals giant BASF, is aiming for further growth. Over the next five years, Wintershall is investing four billions euros (NOK 33 billion) in expanding oil and gas activities, with a special focus on Norway and Russia.
It was a very satisfied CEO who, on Thursday, 13 March, presented excellent results for Germany’s largest oil and gas company, Wintershall. Despite a production shutdown in Libya, the company’s sales rose by 16 percent to 14.8 billion euros (NOK 122.2 billion).
– We are on course and want to continue growing while adding value, said CEO Rainer Seele.
Active involvement in Norway
With over 50 licenses – more than half of these as operator – Wintershall is already one of the largest license holders in Norway. With the acquisition of assets from Statoil in July 2013, Wintershall reached an important milestone in the cooperation it began in 2012. As a result, oil and gas production in Norway rose from about 3,000 to almost 40,000 barrels of oil equivalent (boe) per day. In addition, in October 2013 Wintershall for the first time took over the operatorship of a major production platform in Norway, Brage. Wintershall's portfolio in the Norwegian sector of the North Sea was also expanded in 2013 when the company was awarded four new exploration licenses. Plans for the development and operation of the Knarr and Edvard Grieg oil fields were approved by Norwegian authorities. To strengthen the portfolio, in December 2013 Wintershall sold selected shares on the UK continental shelf to the Hungarian MOL Group. The agreement is expected to be closed in the first quarter of 2014.
In 2015, Wintershall plans further increases in its overall oil and gas production to 160 million boe. – That corresponds to an increase in our production of more than 50 percent within a decade, said Seele. During the next five years, four billion euros (NOK 33 billion) will therefore be invested in expanding the oil and gas activities, with a special focus on Norway and Russia.
Increased production figures
With 132 million barrels of oil equivalent produced, the oil and gas production in 2013 stayed at the same level as in 2012. The acquisition of Brage (32.7%), Gjøa (15%) and Vega (30%) in August 2013, as well as the rapid growth in gas production in Russia, increased the production figures for these countries and laid the foundation for the future – The good results in 2013 form part of a continuing successful decade in which we have increased oil and gas production by four percent a year on average. That is more than twice the industry average, Seele explained.
Wintershall Holding GmbH, which is a wholly owned subsidiary of BASF, is based in Kassel, Germany. Wintershall is Germany's largest oil and gas producer and employs some 2,500 people worldwide from 40 nations. The company has been active in the extraction of natural resources for 120 years, and active in the exploration and production of oil and gas for over 80 years. Wintershall focuses on selected core regions where the company has built up a high level of regional and technological expertise. These include Europe, North Africa, South America and Russia as well as the Middle East.
Wintershall. Shaping the future.