Wintershall Dea, Germany’s largest crude oil and natural gas producer, is looking to produce a record breaking 200,000 barrels of oil equivalent per day (BOE/D) from Norwegian oil and gas fields this year. The head of the company’s Norwegian unit informed Reuters about the company’s plans for further expansion in the territory.
Michael Zechner, speaking on the sidelines of an energy conference, pointed to the geopolitical situation as the key factor behind the Nordic country overtaking Russia as the largest gas supplier to Europe in 2022, making it an even more attractive business partner.
“Gas to Europe is clearly one of the topics our company is focusing very much on and Norway being the prime exporter of gas towards the European continent makes it one of the countries to stay in both now and in future,” he noted.
A total of 47 new offshore oil and gas exploration permits were awarded to 25 firms by the Norwegian government on 10 January, with Wintershall Dea charged with operating three of the licenses and participating in eight more. The German operator, which is jointly owned by the international investor group LetterOne and German chemical company (BASFn.DE), was the licensing round’s most decorated international partner.
The new permits outline developments in mature areas of Norway’s continental shelf where Wintershall Dea is already active, and bring the company’s local portfolio to over 90 exploration and production licenses.
According to Zechner, Norway is taking steps to cut carbon emissions by prioritizing the electrification of offshore fields and exploration close to existing fields, incorporating previously constructed platforms and pipelines. The German operator is also seeking to achieve net-zero direct and indirect emissions across its operations by 2030.
If the target of 200,000 BOE/D is achieved, it will account for just under a third of the company’s global production, Zechner added. Around 150,000 BOE/D was produced by Wintershall Dea in Norway in 2021, while details for 2022 are yet to be released.
Last year, the company began production at the re-developed Njord field. It also took part in eight plans for development and operation (PDO) and is set to drill at five exploration and appraisal wells this year.
Zechner: “Although I don’t think we will hand in another large-scale PDO this year, we will certainly continue to work very hard to mature projects in our pipeline.
German group BASF owns 72.7% of Wintershall Dea with remainder is held by Russian investors Mikhail Fridman, Pyotr Aven and German Khan.
Article: DI PR via EINPress
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