Germany's Wintershall held its Annual Press Conference at its headquarters in Kassel and announced that it hit record production levels last year and that it is set for a strong 2019 with the upcoming merger with DEA.
"In 2018 we set a production record with daily production of up to 500,000 barrels of oil equivalent (BOE). With a crude oil and natural gas production of 171 million BOE in 2018, Wintershall has once again significantly surpassed the record figure – 164 million BOE – from the previous year," said CEO Mario Mehren.
In 2019, Wintershall said the merger with DEA will be the decisive issue. The merger sets the course for further growth. The new company is aiming to increase Wintershall DEA's average daily production, which together for the two companies is currently around 590,000 BOE, by around 40 percent to between 750,000 and 800,000 BOE within the next four years.
This growth is expected to come from both the existing portfolio of the two companies and the new production regions. DEA has recently become active in Mexico, and Wintershall has succeeded in entering a new oil and gas concession in Abu Dhabi.
Wintershall said it will be investing in the expansion of gas and oil production, particularly in Russia, Norway and the Middle East.
A key project for Wintershall in Norway will be Nova, while in Russia plans are underway to prepare plateau production in Block 1 A of the Achimov Formation. The extensive infrastructure and construction work for developing blocks 4 A and 5 A in the Achimov Formation is proceeding according to plan.
In addition, Wintershall will begin developing its local operations in Brazil. The production in Europe will continue to focus on increasing efficiency and effectiveness, but it is also planned to step up the exploration activities again.