MOSCOW (MRC) -- German crude oil and natural gas producer Wintershall has revealed its intentions to invest about EUR2bn in exploration and development activities on its offshore Norwegian fields from 2017 to 2020, as per EnergyMarketPrice.
An announcement in this connection was made by the company’s CEO Mario Mehren during the Offshore Northern Seas (ONS) conference in Stavanger, Norway.
Mehren hinted that it was in the best interests of Europe to invest in working closely with reliable and proven supply countries, particularly Norway and Russia, for future energy security.
Mehren said: "Europe needs to be aware of its strengths and must tackle the new political and economic challenges in concert. Only through closely collaborating with our neighbors can we guarantee supply security today and in the future."
Wintershall plans to allocate nearly 35% of its global exploration budget on Norway. The German energy company currently holds more than 50 licenses in the country.
Wintershall, which had submitted a plan for development and operation (PDO) for the Nova field in North Sea to Norway’s Ministry of Petroleum and Energy in May, is expected to invest about EUR1.1bn alongside its partners in the offshore Norwegian project.
The Nova field, whose recoverable reserves are projected to be about 80 million barrels of oil equivalent, is expected to be brought into production in 2021.
In last December, Wintershall alongside its partners Petoro and Spirit Energy started production from the NOK15.3bn (USD1.85bn) Maria field in the southern Norwegian Sea.
Wintershall, which is owned by German chemical giant BASF, is also in the process of completing a merger with DEA, a subsidiary of LetterOne. The combined Wintershall DEA company is expected to be among the top five oil and gas producers in Norway, claimed Wintershall.
As MRC wrote before, in December 2017, BASF and LetterOne signed a letter of intent to merge their respective oil and gas businesses in a joint venture, which would operate under the name Wintershall DEA.
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