Wintershall Dea starts operations
Wintershall and DEA Deutsche Erdoel have completed their merger, following approvals from all relevant authorities and shareholders BASF and LetterOne.
The new company, Wintershall Dea, claims to be Europe’s leading gas and oil independent, with hydrocarbon production last year of around 590,000 boe/d, and proven reserves at the end of 2018 of 2.4 Bboe.
Based on existing E&P projects, the company expects to achieve production of 750,000 to 800,000 boe/d between 2021 and 2023, with growth potential in new regions.
The full integration of the two companies’ activities should be completed in around one year.
Initially Wintershall Dea will operate with two corporate headquarters in Kassel and Hamburg.
Its five-member Executive Board will comprise Mario Mehren, chairman and CEO; Maria Moraeus Hanssen, deputy CEO and COO, responsible for Europe and MENA; Thilo Wieland, responsible for Russia, Latin America and Midstream; Hugo Dijkgraaf, chief technology officer; and Paul Smith, CFO.