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Wintershall Sees Growth from Production in Core Regions

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Reuters

KASSEL, Germany, March 13 (Reuters) – BASF oil and gas subsidiary Wintershall said on Thursday it expects an increase in income from operations before special items in 2014, helped by growth in core regions.

But sales will fall as it expects to swap its trading activities with Russian partner Gazprom in return for more access to Siberian gas fields in the middle of the year.

In a presentation on its 2013 earnings, Wintershall said growth in this and coming years will come from its focus on oil and gas production in Europe, Russia, North Africa, South America and new regions in the Middle East.

The Kassel-based company said it achieved turnover of 14.8 billion euros ($20.6 billion) last year, up 16 percent from 2012, while net profit was up 48 percent to 1.8 billion euros.

Production gains in Norway and Russia more than compensated for losses in Libya where oil production stopped in the middle of 2013 due to strikes at export terminals, it said.

Wintershall, a big revenue contributor to parent company BASF, upheld a long-term production target of 160 million barrels of oil equivalent (boe) by 2015 compared with 132 million boe in 2013. ($1 = 0.7192 euros)

(Reporting by Vera Eckert; Editing by Jonathan Gould)

 

Copyright 2014 Thomson Reuters. Click for Restrictions.

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