German oil and gas producer Wintershall DEA has announced full-year 2023 results, reporting EBIT of €4.2 billion and adjusted net income of 5.2 billion1.3 billion euros. Mario Mehren, Chief Executive Officer, said, "During a difficult year for Wintershall Dea, our team delivered stable operational performance and solid financial results despite macroeconomic headwinds. "The company's daily oil production in 2023 is 3230,000 barrels.
Business combination agreement with Harbour Energy. In 2023, the company decided to withdraw from Russia, finally announcing significant changes for the entire company. In December 2023, Wintershall DEA's shareholders BASF and LetterOne signed a business combination agreement with Harbour Energy. The agreement seeks to transfer Wintershall Dea's exploration and production operations to Harbour Energy, including its production and development assets and exploration rights in Norway, Argentina, Germany, Mexico, Algeria, Libya (excluding Wintershallag), Egypt and Denmark (excluding R**N), as well as Wintershall-Dea's carbon storage licence. Wintershall DEA headquarters and the headquarters team are not part of the transaction. This will require further restructuring and the eventual closure of the Kassel and Hamburg-based divisions, which currently employ around 850 people. Harbour Energy intends to incorporate some of the employees at its current headquarters into the combined company. Further details will be agreed in the context of the ongoing review.
"Until the closure, Wintershall Dea will continue to work as an independent company, producing energy, advancing carbon management and hydrogen projects," Mehren said. Safe and efficient. ”
Important operational milestones for 2023. Despite a difficult year, Mehren said, "Wintershall Dea has achieved significant milestones in our E&P operations, carbon management and hydrogen activities. ”
In Norway, the company restarted full production at the Dvalin field at the end of 2023, providing Europe with a significant amount of new gas. It has also received approvals for further development of the Dvalin North and Maria Phase 2 fields and has been granted 13 new exploration licences in the latest round of permits.
In Mexico, Wintershall Dea completed the acquisition of a 37% interest in the Hokchi field and made a significant oil discovery at the Kan prospect with initial production estimated at 200 million to 300 million barrels of oil equivalent. Together with its partners, the company has secured approval for the development concept of the Zama field, one of the largest shallow-water oil discoveries in the last 20 years.
In Argentina, the Fénix project continues to grow at a rapid pace. The project's production platform was successfully installed in February 2024. Once operational, the project will produce up to 10 mmcmgd of gas for Argentina, with the first gas expected in the fourth quarter of 2024.
In the MENA region, Wintershall Dea produced first gas at its operating East Daman Hall project in Egypt and made a final investment decision for the R**en West Development Project (West Nile Delta), which is expected to commence production in the second quarter of 2025. In Algeria, the company completed the acquisition of an increased stake in Reggane Nord.
One of the strongest CCS portfolios in Europe. The company has also made strong progress in carbon capture and storage (CCS) activities.
Wintershall DEA and its partners achieved the first CO2 injection at the GreenSAND CCS project in Denmark in 2023. "This is a truly significant moment for the CCS in Europe," Mehren said. Scaling the international CCS from pilot to scale is critical to decarbonising European industry and achieving net-zero targets. ”
At the end of the year, the company had five CO2 storage licences in Norway, Denmark and the UK, with a total annual storage capacity of 17.4 million tonnes of CO2. This corresponds to around 12% of Germany's total industrial emissions.
"Wintershall DEA has built one of the strongest CCS portfolios in Europe in just a few years," Mehren said. I thank our team for what they have accomplished over the past year, where they may not have had a choice on their own. The hard work and commitment of our team ensures that our projects and business units are built for the future in the best possible way. (Compiled by Xiao Chen).
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