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Annual press conference 2017 Oil and gas production at record level

Wintershall is on a growth course and attained a historic level of production in 2016 of 165 million barrels of oil equivalent (BOE) despite the difficult conditions in the industry. This means the company has increased its oil and gas production in the last ten years by around 50 percent. During that time, Wintershall has doubled its commercially recoverable oil and gas reserves from 814 million BOE to 1.62 billion BOE. “Solid foundations for further profitable growth in the future too,” CEO Mario Mehren said at the company’s annual press conference and announced that the company would continue on its long-term growth course. In 2017, Wintershall expects a significant rise in sales and EBIT before special items. “This is because we made the right investments early: in oil and gas fields in regions with low production costs and in expanding our strong partnerships,” Mehren explained, adding that the focus in 2017 will primarily be on improving the company’s results. “We plan to achieve much higher earnings for BASF with our oil and gas business in 2017,” Mehren declared.

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Wintershall technologies at a glance

Wintershall has been producing hydrocarbons, especially natural gas, in Argentina for more than 35 years and is now the fourth-largest gas producer in the country.

Argentina

Sour gas contains not just methane, but also carbon dioxide and hydrogen sulphide. The production of this special natural resource is complex.

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Germany is Wintershall’s center for innovation and research. We are constantly developing new technologies here, for instance, to recover more oil from producing reservoirs. Steam flooding and Schizophyllan are just two examples.

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Achimgaz: a joint venture between the Russians and Germans. In Novy Urengoy in Siberia, no less, one of the most remote locations imaginable, that is where Wintershall and Gazprom produce natural gas and gas condensate together.

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Oil and gas are not only produced on land, but at sea, too – for instance, in the North Sea. Offshore production is much more technically demanding than onshore.

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