19 Июня 2019 | среда | 19:27

BASF and LetterOne will create the leading independent European oil and gas company

Сентября 28, 2018

BASF and LetterOne have signed a definitive transaction agreement to merge their respective oil and gas business. Wintershall and DEA Deutsche Erdöl AG will become one company: Wintershall DEA.

Wintershall DEA will form the leading independent European exploration and production company with international activities in selected core regions. Crude oil and natural gas production at Wintershall and DEA amounted pro forma to a total of 210 million barrels of oil equivalent (BOE) in 2017; that corresponds to a daily production volume of around 575,000 BOE. Through this merger, BASF and LetterOne are laying the foundation for further profitable growth. The medium-term plan is to list Wintershall DEA through an initial public offering.

Closure of the transaction is expected in the first half of 2019, subject to the approvals from the merger control and foreign investment authorities, as well as a number of mining authorities and the German Federal Network Agency. Until closing, Wintershall and DEA will continue to operate as independent companies.

Both have ambitious goals for the new company: Wintershall DEA strives for a daily oil and gas production of 750,000 to 800,000 BOE between 2021 and 2023.

Wintershall DEA would ensure that Wintershall continues on its growth trajectory as it has in previous years. In the past eleven years, Wintershall has increased its production by 50 percent, from 111 in 2006 to 164 million boe in 2017. During that time, Wintershall doubled its proven reserves (1P) to 1.7 billion boe.


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