Seele addresses media at Wintershall’s annual press conference at Kassel, Germany yesterday. On the Qatari coast, Wintershall is involved in the exploration of ‘Block 4N’ in the Khuff formation, where natural gas was proven in 2013.
German energy major Wintershall has said the commercial and technical development of a new reservoir, Al Radeef in offshore Qatar is still being examined.
In the Qatari coast, Wintershall is involved in the exploration of ‘Block 4N’ in the Khuff formation, where natural gas was proven in 2013, the company said at its annual media event at Kassel, Germany yesterday.
Germany’s largest crude oil and natural gas company said it has stepped up activities in the Middle East.
In 2013 Wintershall continued its co-operation with Adnoc, the national oil company of Abu Dhabi, in the Shuwaihat sour gas and condensate project. Together with the Austrian oil and gas company OMV as well as Adnoc, Wintershall, which is the operator, is preparing the first appraisal.
The project takes an important step to establishing a greater presence in the Middle East region. Wintershall will also work together with Mubadala Petroleum from Abu Dhabi on potential projects in the Mena (Middle East and North Africa) region.
Wintershall operates eight oil fields in Libya in the onshore concessions 96 and 97. Strikes at export terminals forced the company to suspend the entire crude oil and gas production in July 2013.
The Al Jurf offshore oil field in Libya, in which Wintershall has an investment, was able to remain in normal operation all year. “At the moment it is unclear when the export blockade will be lifted. But we do expect to be able to resume onshore production in Libya,” said Rainer Seele, Wintershall chairman.
“We expect the oil price in 2014 to be at approximately the same level as the previous year,” Seele said.
“We are anticipating a yearly average for the oil price of $110 and an exchange rate of $1.30 to the euro. We expect sales considerably below the 2013 level as a result of the divestiture of the gas trading and storage business planned for the middle of 2014. In 2014 the company expects a slight increase in income from operations before special items,” he said.
Meanwhile, Wintershall has increased net income by 48% to €1.8bn, crossing the billion euro-mark for the third time in a row.
Sales at the BASF subsidiary rose by 16% to €14.8bn.
At 132mn barrels of oil equivalent (boe), oil and gas production remained at the previous year’s high level despite the production stop in Libya. In 2014, the company anticipates a slight increase in income from operations before special items.
“We are on course and want to continue growing while adding value,” said Seele.
