Wintershall's Profits Grow 48% on Expansion in Norway, Russia

Germany’s Wintershall reported a 48% increase in profit to 1.8 billion euros in 2013, as a result of expansions in Norway and Russia. Despite having stopped production in Libya since July, the company maintained oil and gas production at the previous year’s level. 

‘The integration of the acquired shares in the Brage (32.7%), Gjoa (15%) and Vega (30%) fields from Statoil in Norway from August 2013 and the accelerated expansion of natural gas production in Russia increased production in these countries significantly and created the foundations for the good result in 2013,’ reads a note released on Thursday. 

The Kassel-based company added sales advanced 16% to 14.8 billion euros.

“The good results in 2013 form part of a continuing successful decade in which we have increased oil and gas production by four percent a year on average. That is more than twice the industry average,” Rainer Seele, Chairman of the Board of Executive Directors of Wintershall, said at the company’s Annual Press Conference.

Apart from the production and sales results, the increase in profit is also due to the sale of a 15% share in the Edvard Grieg field in Norway and the reclassification of Gascade Gastransport.

For the future, Wintershall anticipates a slight increase in 2014 and confirms its 4-billion-euros investment plan over the next five years.