Abu Dhabi: Wintershall made a profit of more than €1 billion in 2014, for the fourth year in a row, the German energy company said in a statement.
The net income after taxes and minority interests rested at €1.464 billion (Dh5.82 billion) .
“Despite the low oil price, especially in the fourth quarter, in 2014 we achieved the second-best result in the company’s history,” said Rainer Seele, the Wintershall Chairman of the Executive Board.
It managed to increase the oil and gas production to 136 million boe (barrels of oil equivalent) in Libya despite several months of interruptions.
According to the company, the good result in 2014 was delivered by a diversified portfolio in comparison with competitors, low costs of production and reserves replenishment and by focusing on attractive technology and exploration projects.
The company now aims to continue raising the production of oil and gas to 190 million boe by 2018 with new projects including the Achimgaz project in Siberia, the Norwegian fields Edvard Grieg, Maria and Aasta Hansteen, as well as the gas project Vega Pleyade off the Argentinian coast at Tierra del Fuego.
In May 2014, Wintershall began with its first own-operated exploration well for the development of the Shuwaihat sour gas and condensate field in Abu Dhabi in cooperation with Abu Dhabi National Oil Company and the Austrian oil and gas company OMV.
The company said its planning for the year 2015 is based on an average oil price between $60 and $70 per barrel.
Wintershall Holding GmbH, based in Kassel, Germany, is a wholly-owned subsidiary of BASF in Ludwigshafen.