WINTERSHALL DEA – THE BIRTH OF A NEW EUROPEAN CHAMPION
Wintershall Holding and DEA Deutsche Erdoel AG have completed their merger. Wintershall Dea is now the leading independent gas and oil company in Europe. “We are a European champion and are making an important contribution to Europe’s energy security,” explains Mario Mehren, Chairman of the Board of Executive Directors and Chief Executive Officer (CEO) of Wintershall Dea. Following the approvals granted by all relevant authorities, shareholders BASF and LetterOne successfully completed the merger on May 1, 2019. The merger was agreed in September 2018.
In 2018, pro-forma hydrocarbon production of Wintershall and DEA together was 215 million barrels of oil equivalent (BOE), equivalent to around 590,000 BOE per day. At the end of 2018, proven reserves on a pro-forma basis stood at 2.4 billion BOE, which leads to a reserve to production ratio of 11 years. As a result of the merger, Wintershall Dea has a regionally balanced footprint with superior growth opportunities in its core regions. Based on existing exploration and production projects, the company is on track to reach daily production of 750,000 to 800,000 BOE between 2021 and 2023. This is equivalent to an annual production growth rate of 6% to 8%. Growth is expected to come from both the existing portfolio and new production regions.
Wintershall Dea produces gas and oil in four core regions: Europe, Russia, Latin America and the MENA region (Middle East & North Africa). “As an energy company, we know that we are merely stewards of the country’s natural resources. We recognise our responsibility, and work with all stakeholders to ensure that our presence improves people’s lives. In the countries where we are active, we are well positioned and often even a leader,” says Maria Moraeus Hanssen, Deputy CEO and Chief Operating Officer of Wintershall Dea.
(Source and image: Wintershall)