Oil and natural gas firm Wintershall has unveiled plans to invest €2bn in the exploration and development of its offshore fields, including the Nova field on the Norwegian Continental Shelf (NCS) until 2020.
The planned investment in NCS fields represents more than a third of Wintershall’s global exploration budget. The announcement was made by company CEO Mario Mehren during the Offshore Northern Seas (ONS) conference in Stavanger, Norway.
Elaborating the plans, 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 neighbours can we guarantee supply security today and in the future.”
The German energy firm currently owns more than 50 licences in Norway.
Wintershall executive board member Martin Bachmann said: “Wintershall has consistently invested further in Norway. And what’s more, we want to grow in Norway. For 2019 alone, we’re planning four new exploration wells.
“The execution phase for the Nova project already started in early summer and plans for a possible development of our Balderbrå prospect are also progressing. We expect a further increase in our production volume with the start of Aasta Hansteen before the end of the year.”
Wintershall had submitted a plan for development and operation (PDO) for the Nova field in the North Sea in May. The company together with its partners are planning to pump nearly €1.1bn in the development of Nova.
The recoverable reserves from the Nova field are expected to be approximately 80 million barrels of oil equivalent.
Following the proposed merger of Wintershall and DEA, the merged entity will become one of the top five oil and gas producers in Norway.
Wintershall is a wholly owned subsidiary of German chemical giant BASF, while DEA is a subsidiary of LetterOne.