Wintershall Continues Organic Growth, Maintains Focus on Russia, Norway

Germany’s Wintershall reported better results than its peers, registering a slight year-on-year decline, but better financial performances than the average of the last five years.

“Despite the low oil price, especially in the fourth quarter, in 2014 we achieved the second-best result in the company’s history,” Rainer Seele, Wintershall Chairman of the Executive Board, commented on Thursday. 

The BASF’s subsidiary said it increased production in Russia and Norway, which partially offset the interruptions in Libya. 

The company said it wants to increase production, capitalising on projects in Siberia (Achimgaz), Norway (Edvard Grieg, Maria, and Aasta Hansteen) and Argentina (Tierra del Fuego).

“Wintershall will invest at least four billion euros in expanding its oil and gas activities during the next five years, in particular in Norway, Argentina and Russia. The strategy remains the same: we want to achieve more profitable growth at the source and continue our focused diversification.”

Seele said that the company wants to maintain domestic production at current levels.

“Crude oil and natural gas production in Germany must not be endangered due to confusion between tight and shale gas as well as a result of inaccurate and uninformed discussions,” he argued, adding that Berlin has to come up with a reliable regulatory framework, especially for the future use of fracking in the country.  

Earlier this month, Wintershall and Gazprom met to discuss gas supply to Europe, considering alternatives to deliveries via Ukraine, like Nord Stream and OPAL.