See also:  BASF and Gazprom agree on asset swap

Major chemical maker to increase oil and gas production

16.11.2012   + + +   BASF, the largest chemical maker in Europe, announced it will expand it oil and gas exploration activities to produce about 440,000 barrels a day over the next three years - a production rate that is faster than any other energy producer throughout the continent, Bloomberg reported.

The company has agreed to acquire stakes in two Siberian fields, and while it will amp up its oil and gas production, it will exit the gas trading and storage business. The move will put BASF in a position to be major energy provider for Europe in future years, surpassing major industry players like Hess Corp. and Marathon Oil Corp., the article stated. It's expected BASF's resources will increase to the equivalent of 600 million barrels of oil, meeting Germany's crude demand for nine months.

BASF transferred control of its gas trading and storage activities to Gazprom, a Russian-based company. The deal includes 50 percent shares in numerous gas trading companies and natural gas storage facilities, as well as a 50 percent share in activities of BASF subsidiary Wintershall, which is exploring for oil and gas in the North Sea, MarketWatch reported.

“With this step, we are further developing our more than 20 year partnership: Gazprom will become more active in the natural gas trading and storage business and we will jointly expand the production at the source," said BASF's Board of Executives chair Kurt Bock in a company statement.

Source: PennEnergy, November 16, 2012,  

+  +  Media Links +  +

For more information, media details or sample copies please contact
wilhelms@pennwell.com
www.sicking.de

Please send news releases to Wilhelm Sicking - sicking-media@email.de