Wintershall Dea has said that its non-Russian operations were robust, allaying concerns that the blow from its planned exit from Russia would be too severe, reported Reuters.
In a statement to the news agency, Wintershall Dea CEO Mario Mehren said the company believes that operations in Germany, Norway, North Africa and Latin America are the key to ensuring future gas and oil production.
These businesses are also core to transitioning to green gases and carbon management, the chief added.
“Our remaining portfolio is a strong and balanced one in which we ensure sensible risk diversification,” Mehren was quoted as saying.
Wintershall Dea has depended on Russia for many years, but after Moscow invaded Ukraine, the company chose to formally split its local operations.
These include joint ventures with Russian Government-backed Gazprom and its interest in the Nord Stream pipeline.
As a result, Wintershall Dea will effectively lose 60% of its reserves and 50% of its output, the report said.
According to Mehren, the Russian authorities are making it difficult to leave the country.
“In Russia, there is a high level of negative creativity in order to keep building up new hurdles (when separating) and making it more difficult for us to withdraw,” he said.
Mehren’s remarks come after Wintershall Dea revealed its intention to cut roughly 500 positions, or nearly a quarter of its workforce, as part of its efforts to quit Russia.
Wintershall Dea’s activities that involve Russian participation are expected to be formally separated by mid-2024.