Exploration & Production

  • At €2,938 million, sales at prior-year level despite lower prices
  • Crude oil and natural gas production rises by 3%
  • Declining production in Germany due to authorization logjam for fracking plans
  • Earnings decline by €38 million to €1,412 million, weighed down mainly by prices and currencies

Sales to third parties in the Exploration & Production business sector amounted to €2,938 million, matching the level of the previous year. Higher volumes, especially in Russia, and largely portfolio-driven growth in Norway were able to compensate for lower prices.

The yearly average for the price of Brent crude oil decreased by 9% to $99 per barrel. The price of oil also fell by 9% in euro terms, amounting to €74 per barrel.

At 136 million barrels of oil equivalent (BOE), our crude oil and natural gas production exceeded the level of 2013 by 3%. Production increased substantially both in Norway and in our joint operation Achimgaz. Counterbalancing effects came mainly from reduced production in our Libyan onshore fields as well as the further decrease in production in Germany resulting from the ongoing authorization logjam for fracking plans for conventional deposits.

Income from operations before special items was at €1,412 million, representing a mostly price and currency-related decline of €38 million despite the significantly higher contribution from our Norwegian activities.

In the search for new crude oil and natural gas deposits, we finished drilling a total of 21 exploration and appraisal wells in 2014, of which 16 were successful.

Our proven crude oil and natural gas reserves increased by 17% compared with the end of 2013 to 1,708 million BOE. We replenished 284% of the volumes produced in 2014. The reserve-to-production ratio is around 13 years (2013: 11 years). This is based on Wintershall’s share of production in 2014 and refers to the reserves at year-end.