Wintershall Sees Drop in Yielded Oil for Production in Libya

Wintershall Sees Drop in Yielded Oil for Production in Libya

Germany-based largest chemical producer BASF’s subsidiary unit, Wintershall, cannot forecast oil production in troubled Libya this year after producing only 125 days in 2015, its FCO, Ties Tiessen, told press, Reuters informed.

Libya only yielded 35,000b/d of oil for Wintershall, which has been active there for more than 60 years and in peaceful times produced up to 100,000b/d, said Tiessen. He added that Wintershall hopes “the political unification process can lead to stability.”

Company’s CEO, Mario Mehren, said the company’s profile would remain gas pipeline oriented. This was in response to a question about the global gas market change towards more liquefied natural gas (LNG).

“LNG is not low in cost and you need special infrastructure. It is a playground for big oil majors,” explained Mehren.

As Bloomberg wrote, BASF was also expecting that its earnings would drop as much as 10% this year as the crash in crude prices hurts its oil-and-gas unit and erodes margins in petrochemicals.

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