Wintershall Dea Exits Brazil

Wintershall Dea Exits Brazil
'This decision is the result of a very thorough analysis of our global portfolio'.

Wintershall Dea announced Monday that it has decided to terminate all its operations in Brazil and close its current office in Rio de Janeiro after the execution of all required measures.

The termination of Wintershall Dea’s operations in the country will be made in accordance with all contractual and legal regulations, the company noted. In Brazil, Wintershall Dea holds participating interests in a total of nine exploration licenses, spread over Potiguar, Ceará, Campos and Santos basins, which were awarded to the company in bidding rounds in 2018 and 2019, the business highlights.

Wintershall Dea noted that it has no remaining minimum work commitments in the licenses or other material financial obligations.

“This decision is the result of a very thorough analysis of our global portfolio and evaluation of individual projects and how they fit with our long-term strategy,” Thilo Wieland, a member of the Wintershall Dea board, responsible for the Russia and Latin America regions and transportation, said in a company statement.

“We greatly appreciate the good relationships we have built over the years with our business partners and the authorities in Brazil and will work constructively with them to ensure a smooth transition,” Wieland added in the statement.

Also on Monday, Wintershall Dea Argentina S.A. revealed that it had reached an agreement with Vista on the sale of its 50 percent interest in, including operatorship of, the unconventional Aguada Federal and Bandurria Norte blocks in the Argentine province of Neuquén. The company, which noted that it is one of the leading gas producers in the country, said Argentina remains an important core country for Wintershall Dea’s global gas production.

Aside from Brazil and Argentina, Wintershall Dea has operations in Algeria, Denmark, Egypt, Germany, Libya, Mexico, the Netherlands, Norway, Russia, the United Arab Emirates, and the UK, according to its website.

Wintershall Dea describes itself as the leading European independent gas and oil company. It was formed in May 2019 through the merger of BASF‘s Wintershall Holding GmbH with LetterOne‘s DEA Deutsche Erdoel AG.

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