Wintershall’s chief executive Mario Mehren said the explorer will invest EUR 4.4billion in its oil and gas activities by 2021.
The company leader said he plans to pull a one two punch of saving and investing; however, he insisted the two – saving and investing – were not at odds.
“The business climate will remain challenging. Hence, we have to keep our strategy of saving and investing in the the coming years. These are not conflicting goals,” he said.
The figure is nearly a quarter (23%) of its parent group BASF’s investment budget for the same time period.
The firm will be funnelling the bulk of the funds into Russia and Argentina. It will also bolster its financial injection in Norway, where it has its flagship Maria project.
“We still have to weigh up every decision very carefully and examine how robust the projects are to increased price volatility,” he said.
In Norway the firm’s key projects will be Maria and Aasta Hansteen.
Maria has an estimated reserves of 180million barrels of oil equivalent.
In Russia, its focus will be on the Achimove formation projects. In Argentina, the focus will be on its projects in the provinces of Tierra del Fugo and Neuquen.
“We have holding foundations for profitable growth with our reserves basis,” Me Mehren said.
“We will continue to consolidate and build on these.”