Supplementary Information on the Oil & Gas Segment (Unaudited)

The following provides supplementary 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 disclose the following information in accordance with SFAS 69 (Disclosure of Oil and Gas Producing Activities) and the Securities and Exchange Commission. In order to present economically meaningful reporting on the cooperation with Gazprom in the Yuzhno Russkoye and Achimgaz projects in Russia, several modifications have been made to SFAS 69. BASF has a total interest of 35% in the economic rewards of the Yuzhno Russkoye field through Severneftegazprom (SNG), the company which holds the production license. SNG is accounted for using the equity method. Marketing of the natural gas is carried out by a separate, fully consolidated company. For the Achimgaz project, in which BASF has an interest of 50%, full field development was started after the successful completion of the pilot phase in 2011.

In the course of the asset swap with Gazprom completed in 2015, BASF received an economic share of 25.01% in two additional blocks of the Achimov formation of the Urengoy field in western Siberia. In return, Gazprom received the entire gas trading and storage business – which was previously jointly operated – as well as a share of 50% in Wintershall Noordzee B.V.

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

As a result of the application of IFRS 10/11, the German Wintershall subsidiary with production and exploration rights in the Libyan onshore concessions 96 and 97, in which BASF has an interest of 51%, and Wintershall Noordzee B.V., are accounted for using the equity method as per IAS 28. All fully consolidated subsidiaries are included with 100%.

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 & Gas segment.



BASF reporting

Supplementary information on Oil & Gas

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



not included

Companies accounted for using the equity method (Severneftegazprom, Wolgodeminoil, Wintershall AG and Wintershall Noordzee B.V.)


equity-accounted income included in EBIT

included on a proportional basis

Corporate overhead costs and financing costs



not included

The regions include the following countries with operating activities:



Exploration & Production






Rest of Europe


United Kingdom, the Netherlands, Norway


North Africa / Middle East



Abu Dhabi

South America




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