Wintershall Attributes Record Output to Libya

Germany’s largest internationally active crude oil and natural gas producer, Wintershall, has attributed its record production figures in 2012 to Libyan output.

The company increased net income after taxes and minority interests by almost 13 percent to 1.2 (2011: 1.1) billion euros, thereby crossing the billion euro threshold for the second time running. Sales by the BASF subsidiary rose by 39 percent to 16.7 (2011: 12.1) billion euros.

Wintershall also achieved a new production record in the company’s over 100-year history, at 144 (2011: 113) million barrels of oil equivalent (boe). The significant increase in oil production in Libya and the expansion of natural gas production in Russia were key contributors to this new production record.

Natural gas trading activities also contributed to the positive result. In 2012 the company was able to exceed the sales and earnings achieved the previous year in this segment. “The goal is to increase Wintershall’s sales and earnings once again in 2013,” the Chairman of the Board of Executive Directors, Rainer Seele (pictured), said. The company also intends to expand oil and gas production this year. The BASF subsidiary intends to increase production to at least 160 million boe by 2015.

The significant rise in production in 2012 is primarily due to the production of crude oil in Libya throughout the year. The operations there have been up and running again since mid-October 2011 – when Wintershall re-started production as one of the first producers to do so. Wintershall Libya is currently producing around 85,000 barrels of crude oil a day on average.

To ensure enough export capacities, together with the National Oil Corporation (NOC) and Agoco, Wintershall completed the construction of a new 52-kilometer-long oil pipeline.

Seele described the pipeline as a symbolic project the company cared about deeply: “It is a significant piece of infrastructure right through the Libyan Desert. This pipeline construction is a premiere. For the first time, a foreign operator, Wintershall, is conducting and coordinating a pipeline project on behalf of the Libyan National Oil Company,” the Wintershall CEO reported: “The message is clear. We are investing in Libya and are confident of our commitment to the country.

(Source: Wintershall)

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