In its 2023 Annual Press Conference, Mario Mehren, Winterhsall Dea’s CEO talked about the company’s portfolio, including its performance in Egypt.

In 2022, Wintershall Dea had a positive year for exploration. “In Egypt, we found gas at East Damanhour, and added a new exploration block to our portfolio in North West Abu Qir,” Mehren said.

Moreover, Paul Smith, CFO and Board Member at Wintershall Dea, stated that the company is operating in onshore and offshore fields in Egypt that are located near existing infrastructure. “Egypt is an important area for the company, it is our third largest producing area today, but it has medium-term decline,” he said, indicating that Wintershall Dea is looking at all opportunities in Egypt, ranging from infrastructure led-exploration onshore and offshore, maximizing value creation through existing facilities, “and we will continue to look at other opportunities within Egypt, which we believe is one of our core areas that we would like to sustain.”

In terms of the company’s production, Wintershall Dea’s total output, except for Russia, has recorded 321,000 barrels of oil equivalent per day (boe/d) in 2022. The company is further targeting moderate production growth to achieve 350,000 – 400,000 boe/d production in the midterm.

The company took one-off non-cash losses of €7 billion, the vast majority relating to its Russian activities. Nevertheless, Wintershall Dea remains “strong and stable”, said Mehren.  Wintershall Dea ended 2022 with EBITDAX excluding segment Russia of €5.9 billion and adjusted net income of €0.9 billion, also excluding the segment Russia.

Mehren further talked about Wintershall Dea’s strategy in regard to carbon management. “With regard to our strategy in relation to COP, our strategy is very clear, we have two pillars. We want to moderately grow in E&P with a focus on gas, and we want to build a carbon management and hydrogen business that is able to evade up to 20 to 30 million tons of CO2 a year by 2040. Both of these strategic objectives are exactly in line with what the world needs, secure energy supplies and at the same time tackle climate change,” Mehren told Egypt Oil & Gas Newspaper.

During the press conference, Mehren announced that Wintershall Dea is focused on moderate growth in gas and oil production, and on building up its carbon management and hydrogen business. “Wintershall Dea is in transition from the leading independent European gas and oil company to become a leading independent European gas and carbon management company.”

Meanwhile, Mehren highlighted the company’s decision to exit Russia, stating that Wintershall Dea will fully exit Russia in an orderly manner. “Continuing to operate in Russia is not tenable”, said Mehren. “There is no turning-back. There is no waiting in hope of improvement. We are exiting Russia. This chapter of our history is closed.”