Wintershall Dea

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Wintershall Dea

logo
legal form GmbH
founding 1894 (Wintershall), 1899 (DEA, as Deutsche Tiefbohr-Actiengesellschaft, DTA)
Seat Kassel, Hamburg
management Mario Mehren, Hugo Dijkgraaf, Paul Smith, Thilo Wieland (managing directors)
Number of employees 2,800
sales 5.9 billion euros
Branch Gas and Oil (Exploration and Production)
Website wintershalldea.com
Status: 2019

The Wintershall Dea GmbH is a German oil and gas producer. The joint venture was launched in May 2019 through the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG . The BASF SE holds a stake of 67%. The remaining 33% is in the hands of LetterOne , the main owner of which is the Russian oligarch Mikhail Fridman .

Wintershall Dea is active in the exploration and production of natural gas and crude oil in 13 countries in Europe , South America , the Middle East , North Africa and Russia . The company's headquarters are in Kassel and Hamburg , and the company has 2,800 employees worldwide. According to Wintershall Deas pro forma information, sales and other income in 2019 amounted to 5.9 billion euros.

history

Wintershall was founded in 1894 and DEA five years later as Deutsche Tiefbohr-Actiengesellschaft . Even if they were originally competitors on the German oil market, the two companies began to work together more intensively in the 1950s. In accordance with the Securities Adjustment Act introduced in 1949/1950, Wintershall and DEA acquired the majority in Deutsche Gasolin AG in 1952 , which later merged with its sister company Aral in connection with the construction of the Emsland oil refinery . Another consequence of their collaboration was the joint establishment of Germany's only offshore drilling platform Mittelplate in the Wadden Sea , which began production in 1987.

Today's Wintershall Dea was created on May 1, 2019 through the merger of Wintershall and DEA Deutsche Erdoel AG. On September 27, 2018, the binding contract between the respective parent companies, BASF and LetterOne, on the merger of DEA and Wintershall was published. BASF holds 67% and LetterOne 33% of the ordinary shares of Wintershall Dea. Taking into account the value of Wintershall Dea's midstream business, BASF also received preferred shares , according to which BASF's current total stake is 72.7% of the company's total share capital. The preferred shares will be converted into common shares on May 1, 2022, or in the course of a possible earlier IPO.

The merger took place after official approval in May 2019. It created Europe's leading independent gas and oil company. In 2019, the company produced 617,000 barrels of oil equivalent per day (excluding onshore production in Libya ) and had confirmed and probable ("2P") reserves of 3.8 billion BOE. In 2020 Wintershall Dea was listed as a possible IPO candidate.

Corporate structure

management

Mario Mehren is Managing Director and internally CEO of Wintershall Dea and is responsible for Human Resources , General Counsel, Corporate Communications , HSEQ, Strategy / M & A and Investor Relations. Other managing directors: Hugo Dijkgraaf (CTO and interim manager Europe), Paul Smith ( CFO ) and Thilo Wieland (business unit Russia and South America and responsible for transport and interim manager MENA ). Dawn Summers has been Chief Operating Officer (COO) since June 1, 2020. She is responsible for the business units Germany, Norway , the Netherlands , the United Kingdom and Denmark , Egypt , Libya, Algeria and the United Arab Emirates .

According to the articles of association, the company has a supervisory board. The supervisory board consists of Hans-Ulrich Engel (chairman), Lord Browne of Madingley (deputy chairman), Michael Winkler (deputy chairman), Michael Heinz, Saori Duborg, Wolfgang Haas, German Khan , Birgit Böl and Sabine Brandt.

Business figures

Wintershall Deas total sales and other income in the 2019 tax year amounted to 5.9 billion euros. Earnings before interest, taxes, depreciation and exploration costs ( EBITDA ) amounted to 2.8 billion euros. The 2P reserves had a term of 17 years and comprised 3.8 billion BOE . In relation to these figures, the gas reserves were 70% and the oil reserves were 30%. The company's production was 617,000 BOE per day (excluding 25 MBOE / day from onshore production in Libya).

In 2018, the pro forma production of hydrocarbons by Wintershall and DEA together amounted to 215 million BOE, which corresponds to 590,000 BOE per day.

Production sites

Germany

The company operates 15 oil and 40 gas fields in Germany. Most of the oil production sites are located near Emlichheim in the Bentheim district and in the municipality of Barnstorf . Oil has been extracted in Emlichheim for over 70 years. At the beginning of 2020, the sale of the production sites in southern Germany was announced.

Gas production is concentrated on the fields in Weyhe , Hemsbünde , Bötersen , Völkersen and Staffhorst in Lower Saxony . The company also operates Germany's only offshore drilling and production platform in the Mittelplate oil field in the Wadden Sea. To date, 35 million tons of crude oil have been produced in Germany's largest oil field.

Norway

Wintershall Dea has been active in Norway for over 45 years. The subsidiary Wintershall Dea Norge is based in Stavanger . The company has approximately 100 concessions for fields on the Norwegian continental shelf. This region includes the North Sea , the Norwegian Sea and the Barents Sea . The main production sites are Aasta Hansteen, Gjøa, Skarv and Vega, and the company also operates the Dvalin, Njord and Nova projects.

Southern North Sea (Netherlands, Denmark, United Kingdom)

Wintershall Dea is cooperating with Gazprom in the southern North Sea . The 50/50 joint venture between the two partners, Wintershall Nordzee, is geared towards the production of natural gas and operates over 20 primarily unmanned offshore drilling and production rigs. Following the discovery of oil in the Rembrandt field 120 kilometers from Den Helder , the production of crude oil has recently become the focus of activities again.

Wintershall Nordzee has also had a presence in Denmark since 2006. The focus there is on the production of crude oil, with the Ravn field operated by Wintershall Noordzee (63.6%) and Nordsøfonden (36.4%). Production from this field is the first phase in a potentially broader development for Greater Ravn. In addition to the licenses from Wintershall Noordzee in Denmark, Wintershall Dea produces from three smaller oil fields (Cecilie, Nini and Nini East) in the Danish central trench. In 2020, gas began to be produced from the Sillimanite natural gas field, which stretches across the UK and the Dutch continental shelves .

Russia

In 1992, shortly after the collapse of the Soviet Union , Wintershall Dea started production in Russia in cooperation with Russian companies. Wintershall Dea is involved in four onshore projects for the production of crude oil, gas and condensate at locations in Western Siberia and Southern Russia:

Initially, the company has a stake in the Urengoy natural gas and condensate field in Western Siberia as part of the Achimgaz joint project with Gazprom subsidiary OOO Gazprom Dobytscha Urengoy . The Achimgaz project was founded in 2003, drilling began in 2008 and commercial production started in 2011. By autumn 2019, a total of 35 billion cubic meters of gas and 15 million cubic meters of condensate had been extracted from the technically demanding Achimov Formation. The exploration of the Achimov formation is to be further advanced by the further joint venture Achim Development , which is currently in the construction phase for new boreholes. Wintershall Dea holds a 25.01% stake in this project.

The third joint project is the cooperation with Severneftegazprom for the extraction of gas from the Yuzhno-Russkoye natural gas field , which has gas reserves of over 600 billion cubic meters. The company has a 35% economic stake in the field where production began in 2009. The operation of the field is managed by Gazprom. 25 billion cubic meters of gas are extracted every year.

Wintershall Dea's oldest joint venture is Wolgodeminoil , in which the company and the Lukoil subsidiary Ritek each hold 50%. Volgodeminoil was developed in 1992 and produces gas and oil from eleven fields in three license areas.

South America

Wintershall Dea has been active in Argentina for more than 40 years . The company has interests in around 20 onshore and offshore fields and is the operator of three of these fields. Wintershall Dea produces gas and oil from ten fields off the coast of Tierra del Fuego , including the Carina, Aries and Vega Pléyade fields. In the province of Neuquén , the company operates shale oil and shale gas pilot projects and is the operator of the Aguada Federal and Bandurria Norte blocks in the Vaca Muerta Formation. In 2017, oil was found during an exploration well in the CN-V block in Mendoza . The block's potential is currently being assessed.

Wintershall Dea has been active in Mexico since 2017 and began production from the onshore Ogarrio field the following year. The company has a 50% stake in the field and holds additional shares in numerous offshore locations in the Gulf of Mexico . The acquisition of Sierra Oil & Gas also gave the company a 40% stake in the recently discovered Zama field.

Wintershall Dea has been active in the growth region of Brazil since 2018 . The company acquired a total of nine exploration licenses in two state award rounds. The company is the operator of four of these licenses. It has been conducting seismic surveys since December 2018 and preparing to explore the Campos and Santos Basins.

Middle East and North Africa

Wintershall Dea has been present in Egypt for over 40 years and produces gas and oil there. The company has been producing oil in the Gulf of Suez since the production facilities were commissioned over 30 years ago. Wintershall Dea also has concessions for seven onshore gas fields in the Nile Delta and is involved in the production from five fields of the West Nile Delta (WND) offshore project in the Mediterranean . Between 2018 and 2020, Wintershall Dea invested more than 500 million US dollars to increase oil and gas production in Egypt.

The company also produces gas in Algeria: production in the Reggane Basin in the Sahara from the gas fields of the Reggane Nord project began in 2017.

Wintershall Dea has been active in Libya since 1958. The potential production capacity is 80,000 barrels of oil per day. Due to the uncertain situation in the country after the collapse of the state system , the production volume has been reduced since 2011. The subsidiary Wintershall AG operates in Libya and currently operates eight oil fields in the Sirte Basin, 1,000 kilometers southeast of Tripoli . Gazprom has a 49% stake in these activities. Wintershall AG also has a stake in the Al-Jurf offshore oil rig. In January 2020 the company announced the establishment of the joint project Sarir Oil Operations with the Libyan National Oil Company (NOC). The new company, in which the NOC will hold a stake of 51% and Wintershall 49%, is to take over the management of two large oil fields in eastern Libya from mid-2020.

Wintershall Dea has also been active in the United Arab Emirates (VEA) since 2010. The company only produces natural gas there. Because especially in the undeveloped gas fields in the UAE sour gas stores, the company must operate to high technical standards and environmental protection measures in compliance. Wintershall Dea has been active in the Ghasha offshore gas and condensate field since 2018, one of the largest gas fields in the UAE, which has yet to be developed together with the national production company ADNOC . According to the company, 40 million cubic meters of gas could be produced in the first year. Wintershall Dea holds 10% of the concessions.

technology

Hydrogen production

In the fall of 2019 the announced Karlsruhe Institute of Technology (KIT) and Wintershall Dea a joint research project on methane - pyrolysis on an industrial scale. In this chemical process, methane is split into its components hydrogen and carbon in a bubble column reactor filled with liquid metal . The gaseous hydrogen obtained by this method can be used as fuel, and the solid carbon obtained is also suitable for processing as a raw material in numerous branches of industry.

Reducing methane emissions

As a supporter of the industry initiative “Methane Guiding Principles” (principles for reducing climate-damaging methane emissions), Wintershall Dea is committed to reducing methane emissions along the natural gas value chain. The principles call for the continuous reduction of methane emissions, the improvement of the accuracy of methane emission data, the commitment to meaningful measures and regulations on emissions and greater transparency. The signatories besides Wintershall Dea are Shell , Total and ExxonMobil and others.

literature

  • Rainer Karlsch, Raymond G. Stokes: Factor Oil. The mineral oil industry in Germany 1859-1974, CH Beck, Munich 2003, ISBN 978-3-406-50276-7

Web links

Individual evidence

  1. ↑ a b c Wintershall Dea cuts investments - boersen-zeitung.de. Retrieved June 9, 2020 .
  2. ↑ 125 years of Wintershall: The company's history began with salt. February 20, 2019, accessed June 9, 2020 .
  3. ↑ DEA Deutsche Erdoel AG is 120 years old - merger in planning. In: press portal. Retrieved June 9, 2020 .
  4. ↑ 125 years of Wintershall: Anniversary year and start of a new chapter in the company's history. Retrieved June 9, 2020 .
  5. ↑ Wintershall Dea | FACT HARBOR. Retrieved June 9, 2020 .
  6. ↑ Memories on the net: NITAG, a German mineral oil company owned by Wintershall with its own chain of petrol stations, also in Kassel. Retrieved June 9, 2020 .
  7. ↑ StackPath. Retrieved June 9, 2020 .
  8. ↑ Wintershall, DEA reach agreement on German oil & gas merger. In: Xinhuanet. Retrieved June 9, 2020 .
  9. ^ LetterOne and BASF merge businesses to create Wintershall Dea. Retrieved May 1, 2019, June 9, 2020 (UK English).
  10. ^ BASF, LetterOne complete merger of oil and gas operations. May 13, 2019, accessed June 9, 2020 .
  11. ↑ Annual Report 2019. Accessed June 9, 2020 .
  12. ↑ a b Wintershall, DEA complete merger. Retrieved June 9, 2020 .
  13. ↑ Chemical industry: merger of BASF subsidiary Wintershall and Dea completed. Retrieved June 9, 2020 .
  14. ↑ a b Investor Relations. Retrieved June 9, 2020 .
  15. ↑ Wintershall Dea's production up 9%, costs down 20% - Kallanish Energy News. Retrieved June 9, 2020 (American English).
  16. ↑ Bloomberg: Wintershall Dea among 2020 IPO candidates as Europe hopes for revival - News for the Oil and Gas Sector. In: Energy Voice. December 30, 2019, accessed June 9, 2020 (American English).
  17. ^ Paul Smith: Wintershall DEA finds new CFO. Retrieved June 9, 2020 .
  18. ↑ New COO elected at Wintershall Dea. In: Offshore Energy. March 10, 2020, accessed June 9, 2020 (American English).
  19. ↑ BASF and LetterOne complete the merger of Wintershall and DEA. Retrieved June 9, 2020 .
  20. ↑ Wintershall DEA cuts 800 jobs in Germany. February 21, 2019, accessed June 9, 2020 .
  21. ↑ - manager magazin 2020/6. Retrieved June 9, 2020 .
  22. ^ NDR: Wintershall: New oil wells in Emlichheim. Retrieved June 9, 2020 .
  23. ↑ Wintershall Dea gives up locations in southern Germany. Retrieved June 9, 2020 .
  24. ↑ Mittelplate drilling rig optimizes work environment with IHSE KVM system. In: IHSE. August 8, 2018, accessed June 9, 2020 (German).
  25. ↑ Wintershall Dea appoints leadership in Argentina, Germany and Norway. Retrieved June 9, 2020 .
  26. ↑ Wintershall Dea grabs nine Norwegian Continental Shelf exploration licenses. In: Offshore Energy. January 15, 2020, accessed June 9, 2020 (American English).
  27. ^ Wintershall Dea drills duster in Norwegian Sea. In: Offshore Energy. January 8, 2020, accessed June 9, 2020 (American English).
  28. ↑ Wintershall Dea starts Dvalin production drilling offshore Norway. Retrieved June 9, 2020 .
  29. ↑ Wintershall Dea: Nova subsea pipelines installed in Norway. Retrieved June 9, 2020 .
  30. ↑ Wintershall Dea begins drilling at Dvalin gas field in Norwegian Sea. August 12, 2019, accessed June 9, 2020 (UK English).
  31. ↑ StackPath. Retrieved June 9, 2020 .
  32. ^ Ravn Field, North Sea. Retrieved June 9, 2020 (UK English).
  33. ↑ StackPath. Retrieved June 9, 2020 .
  34. ↑ Wintershall Dea continues development of Ravn field. Retrieved June 9, 2020 .
  35. ^ Renewed activity in the North Sea | Nordsøfonden. Retrieved June 9, 2020 .
  36. ↑ Wintershall Noordzee Brings Sillimanite Online. Retrieved June 9, 2020 .
  37. ↑ a b Wintershall DEA: full capacity at Achimgaz. Retrieved June 9, 2020 .
  38. ↑ Achimgaz starts the last well: German Geological Society - Geological Association. Retrieved June 9, 2020 .
  39. ↑ Russia, the most important natural gas supplier for the European Union - 7 questions for Torsten Murin from Wintershall Dea Russia. Accessed June 9, 2020 (German).
  40. ↑ Saul Haslam: Severneftegazprom Produced 300 Billion Cubic Meters of Natural Gas. In: ROGTEC. May 14, 2020, accessed June 9, 2020 (American English).
  41. ↑ Wintershall Increases Exploration Capex. Retrieved June 9, 2020 .
  42. ↑ a b Wintershall Dea appoints leadership in Argentina, Germany and Norway. Retrieved June 9, 2020 .
  43. ↑ Wintershall DEA: Record Production in Tierra del Fuego. Retrieved June 9, 2020 .
  44. ↑ Wintershall DEA: At the starting gate for development in Vaca Muerta. Retrieved June 9, 2020 .
  45. ↑ Wintershall Dea announces two significant oil discoveries offshore Mexico. Retrieved June 9, 2020 .
  46. ↑ Ownership battle for Mexico's Zama field crimps Premier Oil's sale plans. Retrieved June 9, 2020 .
  47. ↑ Wintershall Dea wins two blocks in Brazil's 16th bidding round. Retrieved June 9, 2020 .
  48. ↑ Germany's Wintershall Dea eyes increased investments in Egypt - Politics - Egypt. Retrieved June 9, 2020 .
  49. ↑ Grace Goodrich, Field Editor on February 13, 2020: Egypt, Wintershall Dea Ink Gas Exploration Deal. In: Africa Oil & Power. February 13, 2020, accessed June 9, 2020 (American English).
  50. ↑ Wintershall Dea emphasizes engagement in Egypt: German Geological Society - Geological Association. Retrieved June 9, 2020 .
  51. ↑ Neptune Energy to acquire German oil and gas fields from Wintershall Dea. July 29, 2019, accessed June 9, 2020 (UK English).
  52. ^ Rainer Karlsch, Raymond G. Stokes: Factor oil. The mineral oil industry in Germany 1859-1974, CH Beck, Munich 2003, ISBN 978-3-406-50276-7 , p. 322.
  53. ↑ Report: Wintershall Dea mulls withdrawal from Libya. In: Offshore Energy. September 25, 2019, accessed June 9, 2020 (American English).
  54. ^ Ed Reed: Wintershall reaches Libya deal - News for the Oil and Gas Sector. In: Energy Voice. December 16, 2019, accessed June 9, 2020 (American English).
  55. ↑ Germany's Wintershall Dea could float up to 30% of its shares next year. Retrieved June 9, 2020 .
  56. ↑ Karlsruhe Institute of Technology: KIT - PI 2019. January 13, 2020, accessed on June 9, 2020 (German).
  57. ↑ Matt Barry: Eight energy companies commit to reduce methane emissions within natural gas industry. In: Methane Guiding Principles. November 22, 2017. Retrieved June 9, 2020 (UK English).