Exploration & Production

  • Sales grow, particularly as a result of higher volumes
  • Crude oil and natural gas production at prior-year level despite suspension of production for onshore activities in Libya
  • Income from operations before special items considerably above level of previous year, thanks primarily to increased contributions from Norway, Argentina and Russia

Sales to third parties in the Exploration & Production business sector rose year-on-year by €345 million to €2,929 million. This growth was largely attributable to the activities acquired from Statoil in Norway, as well as to higher volumes in Russia and from our offshore field in Libya.

The average price of Brent crude oil was just under $109 per barrel, a reduction of 3% compared with the previous year. In euro terms, the price of oil declined by 6% to €82 per barrel due to the weaker U.S. dollar.

At 132 million barrels of oil equivalent (BOE), our crude oil and natural gas production matched the level of 2012. Production from our fully or proportionally consolidated activities increased considerably through the inclusion of the fields acquired in Norway and the accelerated expansion of production in the Achimgaz joint operation in Russia; yet this increase was negated by the suspension of crude oil and associated gas production at our equity-accounted onshore fields in Libya, caused by strikes at export terminals in July 2013.

Income from operations before special items improved by €153 million to €1,540 million, mainly as a result of higher contributions from Norway, Argentina and Russia. Special income of €164 million arose from the disposal of a share in the Edvard Grieg oilfield, partly counterbalanced by an impairment on a field development project.

In the search for new crude oil and natural gas deposits, we finished drilling a total of 20 exploration and appraisal wells in 2013, of which 8 were successful.

Our proven crude oil and natural gas reserves totaled 1,458 million BOE at the end of 2013, 20% more than in the previous year. We replenished 280% of the volumes produced in 2013. The reserve-to-production ratio is 11 years (2012: 9 years). This is based on Wintershall’s share of production in 2013 and refers to the reserves at year-end.