Last Update:
Mar. 10, 2011
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The following tables provide supplemental information on the Exploration & Production business sector of the Oil & Gas segment. In the absence of detailed disclosure rules in this area under IFRS, the Group has elected to voluntarily disclose the following information, which would have been required under SFAS No. 69 (Disclosure of Oil and Gas Producing Activities) and by the Securities and Exchange Commission. In order to present an economically meaningful reporting of the cooperation with Gazprom in the Yuzhno Russkoye project, SFAS 69 is applied with several modifications. BASF has an interest of 35% in the economic rewards of this field through Severneftegazprom (SNG), the company which holds the production license. SNG is accounted for using the equity method. A project company, which is fully consolidated, was established for these operations.

In the following overviews, BASF’s stake in the project is included under ‘Russia.’ In addition, the values for SNG, which is accounted for using the equity method, are presented separately.

All consolidated subsidiaries are included with 100%. To the extent that other investors have a stake in these companies, their share is presented separately. This relates to a stake in a German Wintershall subsidiary which was part of the asset swap with Gazprom in 2007. This company holds the production and exploration rights to the Libyan onshore concessions 96 and 97. Due to contractual rules, the following does not include any volumes or values from the Achimgaz project.

The following table provides an overview of the most important differences between the information given for the Exploration & Production business sector in the Consolidated Financial Statement of the BASF Group and the supplemental information for the oil and gas producing activities.

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BASF reporting

Supplementary information on oil and gas activities

Other activities in Exploration & Production (e.g., merchandise transactions and joint venture services)


not included

Achimgaz (joint venture)

proportional consolidation (50%)

not included

Activities accounted for using the equity method (Severneftegazprom and Volgodeminoil)

earnings from the equity method included in financial result


Corporate overhead costs and financing costs


not included

The regions include the following countries with operational activities:

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Exploration & Production


Russia/Caspian Sea region



Rest of Europe

United Kingdom, the Netherlands, Norway, Romania


North Africa/Middle East


Qatar, Mauritania

South America



Statistical information on the concession areas or the number of wells is not given due to its limited informative value.

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