Petroleum Africa
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Monday, October 1, 2018
BASF and LetterOne signed a definitive transaction agreement to merge their respective oil and gas businesses, Wintershall and DEA Deutsche Erdol respectively. The merged firms will become one company, Wintershall DEA.
Crude oil and natural gas production at Wintershall and DEA totaled around 210 million boe in 2017; that corresponds to a daily production volume of around 575,000 boe. Through this merger, BASF and LetterOne are laying the foundation for further profitable growth. The medium-term plan is to list Wintershall DEA through an initial public offering.
Closure of the transaction is expected in H1 2019, subject to the approvals from the merger control and foreign investment authorities, as well as a number of mining authorities and the German Federal Network Agency. Until closing, Wintershall and DEA will continue to operate as independent companies.
Both have ambitious goals for the new company: Wintershall DEA strives for oil and gas production of 750,000 to 800,000 boepd between 2021 and 2023.
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