Wintershall Dea 2020 Annual Report
Facts and figures, stats and strategy – find out all about Wintershall Dea in our 2020 Annual Report.
The robust performance of the company in 2020, against the backdrop of the pandemic, underscores the benefits of our merger and strategy.“
As the largest European independent exploration and production company both in terms of production and reserves, we take pride in our technical capabilities, competencies and passion for our work. We aim to fill the gap in the market for a player substantial enough to tackle large-scale opportunities, while maintaining agility and flexibility.
German engineering is in our DNA, and we have a long and proven track record in onshore and offshore innovation and development. The digital revolution is creating additional opportunities to further automate our operations, drive lasting reduction in operating costs through use of artificial intelligence and deliver continued improvements in operational efficiency.
We expect that demand for our products – and particularly natural gas – will continue to be strong over the next few decades, facilitating the transition of industry and society to a low-carbon economy. With natural gas representing about 70 % of our production and reserves and our high focus on emissions management from operations and products, we believe our portfolio today is already positioned for this transition.
By taking early and decisive action in response to the pandemic and in line with our strict financial policy, we were able to maintain our strong balance sheet, which positions us well for profitable growth.
Key figures 2020
Early in the pandemic, we acted decisively and swiftly to keep our colleagues safe and to ensure continuity of operations which have allowed the company to end an extremely challenging year in a strong position. We delivered our key targets for the year, including annual production of 623 mboe/d and exited the year with strong operational momentum and record production of more than 650 mboe/d in the 4th quarter. Looking ahead, 2021 will certainly be a year with continued high levels of uncertainty as well as volatility, and while we remain cautious, we look forward to an exciting year.
Our role in the energy transition
At Wintershall Dea, we are determined to play a key role in the energy transition, delivering low-cost, reliable energy to customers. We have set ambitious and measurable targets to further reduce our emissions.
Wintershall Dea strongly supports the European Union‘s 2050 carbon neutrality target. We want to contribute to this path by setting ambitious greenhouse gas reduction targets and utilising new technologies. Carbon capture (utilisation) and storage (CC(U)S) and hydrogen are considered essential components to achieving the target set by the EU.
This is why Wintershall Dea has already started to participate and invest in CCS and hydrogen projects, which is central to reduce Scope 3 emissions and represents one path towards our medium-to-long-term contribution to reaching the Paris climate goals.
Our climate targets and ambitions
Our target is to reduce our Scope 1 and Scope 2 greenhouse gas emissions of our upstream activities1 at equity basis by 2030.
(1) Scope 1 and 2; operated and non-operated at equity basis
Our target is to reduce our methane intensity2 to below 0.1 % by 2025.
(2) 100% of methane emissions from Wintershall Dea's operated assets divided by the share of marketed gas
Our target is to maintain zero routine flaring of associated gas during our operations.
(3) Commitment to the World Bank's initiative "Zero Routine Flaring by 2030"
Our ambition is to manage and reduce net carbon intensity including Scope 1, 2 and 3 greenhouse gas emissions.