Wintershall Dea announced on Tuesday that it transferred its oil and gas operations Harbour Energy. This announcement includes production and development assets, in addition to exploration rights in Argentina – where there was activity in Dead Cow and in the Phoenix Project offshore from Tierra del Fuego- as well as in Norway, Germany, Mexico, Algeria, Libya, Egypt and Denmark.
In December of last year, Harbour Energy signed an agreement with BASF and LetterOnethe shareholders of Wintershall Dea, to merge the two companies. Following receipt of the necessary regulatory approvals, the transaction of approximately US$11 billion was completed.
Following the closing of said transaction, Stefan Schnell and Larissa Janz will take over the management of the company as Chairman of the Board of Management and Vice Chairwoman of the Board of Management, respectively. Schnell previously held the position of Senior Vice President of Group Reporting and Performance Management at BASF SE, while Lanz was Vice President of Special Projects at Wintershall Dea.
These new appointments come hand in hand with other mandates that have come to an end: the general director Mario Mehrenthe director of operations Dawn Summers and the financial director Paul Smithannounced their departure from Wintershall Dea.
Schnell said: “I would like to thank the outgoing board of directors and the entire Wintershall Dea team for their professional work despite the significant challenges of the past nine months. We are now concentrating on divesting the remaining assets and providing services to Harbour Energy in the coming months. We are also preparing to close our headquarters. While we do this, we will continue to work as Wintershall Dea has always done: with responsibility and professionalism.”
Around 800 employees will be affected by the closure of Wintershall Dea’s headquarters in Kassel and Hamburg. In June 2024, the company and employee representatives concluded negotiations on a reconciliation of interests and a comprehensive social plan for employees.
Wintershall Dea’s operations in Argentina
At the beginning of 2023 the German company announced further drilling in Dead Cowthe construction of infrastructure for the plan Phoenix offshore in Tierra del Fuego and an analysis of the local potential for hydrogen and CO2 capture. The total amount to be disbursed in these operations reached US$480 million.
Activities in Vaca Muerta
Wintershall Dea has been actively producing natural gas and crude oil in Neuquén through third parties for 25 years. It has a 27.3% stake in the conventional reservoir of the block Pichana East Waterfalltogether with TotalEnergies 27.3%, YPF 27.3% and PAE 18.1%, and owns 22.5% of the shale gas shares in the same block Dead Cowtogether with the same operators: TotalEnergies 41%, YPF 22.5% and PAE 14%.
But in addition, they are partners with the same companies with 24.7% in the block Saint Roch, which has an area of more than 1,040 km² and is located northeast of Aguada Pichana.
Offshore in Tierra del Fuego: Phoenix Project
With a planned peak production of 10 million cubic meters of gas per day, the Phoenix offshore project supply natural gas for more than 15 years, starting in 2025.
Fénix is part of the Cuenca Marina Austral-1 concession in which Wintershall Dea and TotalEnergies (operator) each have a 37.5% stake, while PAE owns the remaining 25%. The total joint investment for this project is US$700 million.
Currently, the four gas fields Alpha Canyon, Aries, Carina and Vega Pleiades They produce in CMA-1, and already supply 16% of Argentina’s natural gas demand.
In the onshore area there are 32 wells that generate 2 million cubic meters per day, while in the offshore area there are 3 platforms with a total of 8 wells that contribute 15 million cubic meters per day. Fénix will contribute an additional 8% to national production.
CO2 and Hydrogen projects
But another of the pillars of the European company is the energy transition. In this framework, Wintershall Dea It planned to develop a carbon and hydrogen management business, which would generate 20 to 30 million tonnes of CO2 annually by 2040.
The CEO Mario Mehren He explained that they are already developing significant markets for carbon capture and storage (CCS) and low-carbon hydrogen and that their 2040 target would be equivalent to 70% of the CO2 emissions of the huge German steel industry.
In one of the last talks with Argentine journalists, Thilo Wieland He added that the transition is also very focused on Argentina, offering the knowledge they have from Europe. “We are partnering and creating a more sustainable energy system,” he said, recalling that at the end of 2022 the integration agreement was signed with the H2Ar Consortium, an intersectoral initiative of the industry to boost the local hydrogen economy. “It is very important because it is cross-sectoral, with all partners, and it is the right way. To build a market we have to have all the actors at the same table”he said.
“We are very active in managing carbon and hydrogen in Europe, with pilot or development projects. We hope to be able to apply these lessons in other parts of the world,” he said, and called for the approval of the Hydrogen Lawwhich Ámbito had revealed exclusively.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
