Wintershall Dea writes off financing of Nord Stream 2

Wintershall Dea Update
Wintershall Dea Update
Wintershall Dea
  • No additional projects in Russia will be advanced or implemented
  • Payment transactions already stopped
  • Critical infrastructure will continue to be operated
  • Joint statement from Works Council and Executive Board

Wintershall Dea AG’s Management Board has decided not to advance or implement any additional gas and oil production projects in Russia and to write off its financing of Nord Stream 2 totalling around 1 billion euros.

In a personal statement yesterday, Wintershall Dea’s Chief Executive, Mario Mehren, emphasised that the Russian President's war of aggression against Ukraine has shaken the foundations of the company’s work in Russia to the core. The brutal attack is causing unimaginable suffering and marks a turning point.

As a consequence, Wintershall Dea AG’s Management Board has decided today:

  • not to pursue any additional gas and oil production projects in Russia, and to stop all planning for new projects.
  • to basically stop payments to Russia with immediate effect.
  • to write off its financing of Nord Stream 2.

Wintershall Dea remains active in GASCADE Gastransport GmbH. GASCADE operates a 3,200 km gas pipeline network in Germany: critical infrastructure for gas transport in Germany and Europe.*

Wintershall Dea remains involved in the existing Yuzhno Russkoye and Achimov natural gas production projects in Siberia. The projects produce natural gas for European energy supply.

Wintershall Dea is in contact with the German Federal Government and the European Commission.

Wintershall Dea AG’s Management Board, the Central Works Councils, and the Executive Representative Committee today published a Joint Statement on Russia's war against Ukraine.

* (As the wording of 02.03.2022 was not precise enough): Wintershall Dea remains active in the WIGA Group as well as in Nord Stream AG, which own critical infrastructure for gas transport within Germany and Europe. The WIGA Group owns a total pipeline network of more than 4,140 km in Germany, which is operated by its subsidiaries GASCADE Gastransport GmbH, NEL Gastransport GmbH and OPAL Gastransport GmbH & Co. KG. Nord Stream AG is an operator of Nord Stream 1 pipeline.

About Wintershall Dea

Wintershall Dea is Europe’s leading independent natural gas and oil company with more than 120 years of experience as an operator and project partner along the entire E&P value chain. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. With activities in Europe, Russia, Latin America and the MENA region (Middle East & North Africa), Wintershall Dea has a global upstream portfolio and, with its participation in natural gas transport, is also active in the midstream business. More in our Annual Report.

As a European gas and oil company, we support the EU's 2050 carbon neutrality target. As our contribution we have set ourselves ambitious targets: We want to be net zero across our entire upstream operations – both operated and non-operated by 2030. This includes Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emissions on an equity share basis. In addition Wintershall Dea will bring methane emissions intensity below 0.1 per cent by 2025 and maintain zero routine flaring of associated gas in its operations. The climate goals are to be achieved through portfolio optimization, emissions reduction through more energy efficiency, investments in nature-based compensation solutions and in future technologies such as hydrogen and CCS. You can find more about this in our Sustainability Report.

Wintershall Dea was formed from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, in 2019. Today, the company employs around 2,500 people worldwide from almost 60 nations.