Germany’s largest internationally active crude oil
and natural gas producer, Wintershall, achieved record new figures in 2012. The company increased net income after taxes and minority interests by almost 13 percent to 1.2 (2011: 1.1) billion euros, thereby crossing the billion euro threshold for the second time running. Sales by the BASF subsidiary rose by 39 percent to 16.7 (2011: 12.1) billion euros. Wintershall also achieved a new production record in the company’s over 100-year history, at 144 (2011: 113) million barrels of oil equivalent (boe). The significant increase in oil production
in Libya and the expansion of natural gas production
in Russia were key contributors to this new production record. Natural gas trading
activities also contributed to the positive result. In 2012 the company was able to exceed the sales and earnings achieved the previous year in this segment. "The goal is to increase Wintershall’s sales and earnings once again in 2013," the Chairman of the Board of Executive Directors, Rainer Seele, said. The company also intends to expand oil and gas production
this year. The BASF subsidiary intends to increase production to at least 160 million boe by 2015.
"Our goal is the source. We will continue to grow, organically and with targeted acquisitions. We will continue to expand Wintershall internationally as the leading German oil and gas producer," Seele declared at the company’s Annual Press Conference in Kassel: "We are continuing on our growth course, as the results from last year show.” The groundwork for these results was laid with the asset swap agreements signed with Gazprom and Statoil in 2012, and the extremely successful discovery rate of 50 percent. Last year 10 of Wintershall’s 20 exploration
and appraisal wells proved the presence of new oil or gas deposits. The CEO named the oil discoveries Skarfjell in Norway and F17 in the Dutch North Sea
as examples. New prospects are also currently opening up in Argentina, where Wintershall signed a gas price agreement with the government a few days ago which improves the economic conditions of developing unconventional gas reservoirs. "In addition, we are developing our activities in Abu Dhabi and Qatar to act as a catalyst for expanding in the core region the Middle East," Seele explained. Just recently the company verified the existence of a new gas field in Qatar.
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