EnergyWatch

Oil company presents growth plan, aims to fire every fourth employee

The merger of Wintershall and DEA will provide at least EUR 200 million in synergies and will cut around 1,000 positions in Northern Europe.

The symbolism of this selected press photo seems slightly ambiguous. Is it meant to show that companies play on the same team or rather that the dressing room has become depopulated? | Photo: Wintershall/Damm&Bierbaum

The planned merger between German oil companies Wintershall and DEA is moving forward. In a press statement, the former informs that it has applied for all regulatory approvals and aims to close the deal during the first three months of this year.

This will turn the merged enterprise into the largest independent oil and gas company in Europe, with planned production of 800,000 barrels of oil equivalent per day (boe/d) in the period 2021-'23 – an increase upon current combined volume of 575,000 boe/d, most of which must be sourced from the North Sea, where DEA recently entered, as well as within UAE jurisdiction, where Wintershall has a portion of the most recent oil and gas concession.

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