Thursday, March 31, 2011

Wintershall reported 2010 annual results; Natural Gas Production up 5% over 2009; Plan to further expand E&P activities in the Northern sector of North Sea and in Russia

Wintershall’s 2010 natural gas production was 14.3 bcm, 5% increase over 2009 production of 13.6 bcm. This is due to activities in Argentina and the first entire year of plateau production from the west Siberian field Yuzhno Russkoye. Crude oil and condensate production down 14% to 5.8 million tons compared to 2009 (2009: 6.8). The decrease in oil and condensate production was primarily caused by the OPEC restrictions in Libya.

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Expansion of successful activities in the North Sea
Overall 23 (2009: 29) exploration and appraisal wells were conducted in 2010 in the search for new crude oil and natural gas deposits. Wintershall discovered new resources with twelve of these wells (2009: 17); five in the Norwegian North Sea alone, and three in the British North Sea. The company is involved in six of the twelve biggest oil discoveries made in Norway in the past five years.

Wintershall is planning to continue the search for new reservoirs in its core regions in 2011 and to push ahead with the development of known deposits, especially in the North Sea in the coming years. The company has earmarked investments of more than 1,000 million Euros (US$1409.79 million) for this region by 2015 and is aiming for a production level of 50,000 boepd in the Norwegian and British sectors of the North Sea.

Source:Derrick Petroleum Planned Exploration Wells Database

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