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Tuesday, August 22, 2017

Wintershall commits to joint Russian ventures

Despite geopolitical tensions in Russia, the German oil company Wintershall remains committed to its joint ventures, company representatives said Thursday.

According to Wintershall CEO Rainer Seele, the cancellation of an asset swap with Gazprom does not indicate that the company will bow out of its agreements, nor does it plan on ceasing operations in the Russian Federation.

"Operations of our successful natural gas marketing joint ventures in Europe and producing ( joint ventures) will continue despite complicated political conditions," Seele said.

Existing projects that the company will be focusing on include work in the Yuzho-Russkoe field; the Wingas, WIEH and WIEE ventures all associated with Gazprom; oil production in the Volgograd Region in partnership with Lukoil; and ventures within the Achmigas framework.

Wintershall's website states that agreements in Russia have been in place for many years, and without gas supply from Russian sources, European and German energy supplies would likely not be able to stay at their current levels.

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