Exploration & Production: Expansion of international activities
- Upstream activities with Gazprom expanded
- Norway and UK: development of oil discoveries
- Production in Libya at around 60,000 barrels
As Germany's largest internationally active crude oil and natural gas producer with more than 2,000 staff from over 40 nations, Wintershall works in core regions where it has a high level of regional and technological expertise - these are Europe, North Africa, South America as well as Russia and the Caspian Sea region. These are complemented with the company's increasing activities in the Middle East.
Production at Wintershall has grown considerably since 2000. Following the substantial rises in production in recent years, in 2011 production of crude oil and natural gas was kept at a high level of 113 (1) million barrels of oil equivalent (BOE) - this is an increase of about 41 percent on the figure for 2000 of 80 million barrels of oil equivalent.
In 2011 crude oil and condensate production fell by 43 percent compared to 2010 to 25 million barrels of oil equivalent (2010: 44), natural gas production declined by one percent to 88 million barrels of oil equivalent (2010: 89). The sharp fall in oil and condensate production is mainly due to the suspension of production in Libya over several months.
The company's confirmed oil and gas reserves increased on the figure at the end of 2010 by three percent to 1,156 million BOE. This rise is mainly due to the volumes from the Achimgaz project being included for the first time, where the full field development began following the successful conclusion of the pilot phase. The total reserve-to-production ratio, which is based on Wintershall's share of production in 2011 and refers to the reserves at year end, is 11 years (2010: 10 years). 131 % of the quantities produced in 2011 were replenished.
(For further information please check the attachment)
(1) This includes the shares of third parties which are attributable to Gazprom's interest in the German Wintershall company which holds the Libyan concessions 96 and 97. Production volumes from the west Siberian Achimgaz project are included from 18 November 2011 since the project entered commercial production.
Forward-looking statements and forecasts
This report contains forward-looking statements based on current expectations, assumptions and forecasts by the board of executive directors, as well as on the information currently available to that board. Forward-looking statements are not deemed to be guarantees of the future developments and results set out therein. Future developments and results are in fact dependent on a large number of factors; they contain different risks and imponderables and are based on assumptions that may not be accurate. We do not assume any obligation to update the forward-looking statements made in this document.
Wintershall Holding GmbH
Wintershall Holding GmbH, based in Kassel, Germany, is a wholly-owned subsidiary of BASF in Ludwigshafen. The company has been active in the exploration and production of crude oil and natural gas for over 80 years. Wintershall focuses on selected core regions, where the company has built up a high level of regional and technological expertise. These are Europe, North Africa, South America, as well as Russia and the Caspian Sea region. In addition, these operations are complemented by the company's growing exploration activities in the Arabian Gulf. Today, the company employs more than 2,000 staff worldwide from 35 nations and is now Germany's largest crude oil and natural gas producer. With the natural gas trading and transport subsidiaries it operates together with Russia's Gazprom, the BASF subsidiary is also an important gas supplier on the German and European market.
Wintershall. Shaping the Future.
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