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Wintershall Dea saying goodbye to Brazilian assets in bid to pursue portfolio optimisation

German oil & gas company Wintershall Dea has revealed plans to exit activities in Brazil, seeking to optimise its portfolio and concentrate on spearheading gas production transformation while pursuing its net-zero targets

Wintershall Dea saying goodbye to Brazilian assets in bid to pursue portfolio optimisation

Brasilia, January 18 - Neftegaz.RU. Wintershall Dea reported that it had decided to terminate all its operations in Brazil and to close the current office in Rio de Janeiro after the execution of all required measures in accordance with all contractual and legal regulations.

Thilo Wieland, Member, responsible for the regions Russia, Latin America and Transportation of the Wintershall Dea, remarked:
  • This decision is the result of a very thorough analysis of our global portfolio and evaluation of individual projects and how they fit with our long-term strategy
The company explained that the focus of its global production is on natural gas, which currently accounts for around 70 % of its portfolio.
However, Wintershall Dea will also continue to produce oil, focusing on selected regions and projects that are in line with its climate targets.

The firm holds participating interests in a total of 9 exploration licenses in Brazil and is the operator of 4 of them.
The company is operator of one licence in the Ceará Basin and three in the Potiguar Basin, both off the country’s north coast and holds stakes in 5 fields in the Campos and Santos Basins, off the southeast coast.

To remind, the company was awarded seven exploration licences in 2018 and 2 additional offshore blocks together with its partners Repsol and Chevron in October 2019.
That same year, Wintershall Dea agreed with Murphy Oil on a partnership in its 3 Potiguar offshore exploration blocks, allowing Wintershall Dea to stay as the operator with a 70 % interest.
Wieland said:
  • We greatly appreciate the good relationships we have built over the years with our business partners and the authorities in Brazil and will work constructively with them to ensure a smooth transition
Wintershall Dea has no remaining minimum work commitments in the licenses or other material financial obligations, as provided for in the respective concession contracts.

In line with its goals to drive gas transformation initiatives as the fuel of the future, satisfying the energy transition aims for emission reduction, the company also stated on Monday that it intends to bring to life the gas industry transformation with hydrogen and CCS to achieve its climate targets in Europe.

Wintershall Dea considers these technologies to be crucial for reducing emissions, believing – as its CEO aptly put – that «the energy transition will only succeed if we do not leave out any technology that can reduce emissions.»

The company want to reach net-zero across its entire upstream portfolio – both operated and non-operated – by 2030, including Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emissions on an equity share basis.

In addition, Wintershall Dea intends to bring methane emissions intensity below 0.1 % by 2025 and maintain zero routine flaring of associated gas in its operations, achieving its climate goals through portfolio optimisation, more energy efficiency, investments in nature-based compensation solutions and in future technologies such as hydrogen and CCS.

Author: Melisa Cavcic

Source : Neftegaz.RU

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