Wintershall Dea Looks to Domestic Production as Russia has 'Destroyed' Trust
Germany's Wintershall Dea, a shareholder of the Nord Stream 1 pipeline and longstanding Gazprom partner, on Tuesday said it would look to increase domestic oil and gas output since Russia has lost its status as a reliable energy supplier.If Europe wants to reduce its dependence on imports it has to look at domestic energy supplies, Chief Executive Mario Mehren told journalists after second-quarter results showed adjusted net income up 262% at 608 million euros ($618 million)."Even…
Wintershall Dea Earnings Drop
German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration.Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period, the company said in a statement on Wednesday.Due to a weaker price environment for commodities, earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX)…
Wintershall Dea Trims Norway Portfolio
Wintershall Dea has agreed to sell its stakes in Norway's Nyhamna gas processing terminal and the Polarled gas pipeline to CapeOmega and Solveig Gas to focus on its upstream oil and gas activities, the German oil and gas company said on Tuesday.Cape Omega will acquire a 5% interest in the Nyhamna terminal, while Solveig Gas will buy a 13.3% stake in Polarled, which delivers gas from Equinor's Aasta Hansteen field to Nyhamna, Wintershall Dea said in a statement.The transaction is expected to close by the end of 2019…
Wintershall Dea Seeks European IPO in 2020
Newly created oil and gas group Wintershall DEA plans to hold an initial public offering in the second half of the next year, its chief executive told Reuters, in a deal that could become one of the largest European listings in 2020.Sources said in April that Wintershall DEA had picked the banks to arrange its stock market flotation.Mario Mehren, the CEO of the company, confirmed the plans."We are preparing ourselves for the potential IPO of the company, we want to be IPO-ready by the mid of next year and then if the market's circumstances are good, in the second half of next year ou
Wintershall, DEA Complete Merger
The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and production company in Europe.Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East. Regulatory approvals have been granted by nine countries including Germany, Norway, the UK and Russia.“We are a European champion and are making an important contribution to Europe’s energy security…
Wintershall CEO Meets Norwegian Prime Minister on Growth Plans
Mario Mehren, CEO of Wintershall, Germany's largest crude oil and natural gas producer, has presented Wintershall’s growth plans in Norway during a visit by Norway's Prime Minister, Erna Solberg, to Berlin.Mehren announced a further increase in production during a discussion with the Prime Minister and representatives of German energy politics and the energy industry, which was held at the Norwegian Embassy."It has become clear during the last few weeks that Wintershall and DEA will become the company Wintershall DEA within the next year.
Wintershall Says Ready to Continue Supporting Nord Stream 2
Wintershall , one of the former western partners of Russia's Gazprom in the ongoing Nord Stream 2 pipeline project, on Wednesday said it was still looking for ways to support the plan after opposition by Poland last year prompted it to withdraw from the plan. "We are still prepared to weigh in on this project and I am optimistic that we will find a good solution," Chief Executive Mario Mehren told reporters at the Kassel headquarters. Gazprom said on Tuesday it had discussed Nord Stream 2 with Wintershall parent company BASF.
Wintershall: Oil Could Rise in the Medium Term
Germany's Wintershall expects oil prices to recover faster than gas prices as oil may become short in supply if spending continues to drop, its chief executive Mario Mehren told reporters on Wednesday. "Supply tightness (in oil) will already come in 2017-2019 if the current reduction in international investments continues," he told reporters in Berlin. Big oil producers are facing their longest period of investment cuts in a decade as prices of U.S. crude and Brent crude from the North Sea have slumped to multi-year lows, due to oversupply and worries over demand.
BASF's Wintershall Confident After Russian Moves
Germany's Wintershall remains hungry for more co-operation with Russia in oil and gas, fresh from announcing the completion of an asset swap with its partner Gazprom last Friday. Chief executive Mario Mehren told reporters in Munich that the company would benefit from its local knowledge in Siberia where it gains more access to fields it already exploits with Gazprom. "We want to continue to grow our business in Russia," Mehren said. The deal had been put on hold last year as the hostilities between Russia and Ukraine resulted in western sanctions on Russia.
Mehren to Head BASF's O&G Unit Wintershall
BASF said on Friday its oil and gas subsidiary Wintershall will be headed by Mario Mehren after incumbent Rainer Seele was named chief executive of Austria's OMV. Mehren, who currently is Wintershall's head of Exploration & Production Russia, North Africa and South America, will take his position as of July 1, BASF said in a statement. (Reporting by Harro ten Wolde; Editing by Victoria Bryan)
