A German oil company has “trapped” hundreds of millions of euros in the country

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Germany’s Wintershall DEA will invest more than 450 million euros in two developments: the Fénix project -in Tierra del Fuego- and Vaca Muerta. The disbursement “at the same time strengthens Argentina’s role as a key country in our global portfolio,” according to Thilo Wieland, board member and company head for Latin America.

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The German company’s operations in the country are the third highest earner in the world, even above its own territory. In 2022 it obtained 479 million euroswhich represents a growth of almost 20% compared to the 402 million it had invoiced in 2021.

Norway is the largest country for Wintershall, with sales of 2.883 million. In Russia they got almost 1,800 million, but the company has announced that it will part with those assets, due to the war there is in that country.

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The company He trapped 186 million euros in Argentina and Egypt. “Subject to foreign currency transfer restrictions” as reported by the company in its findings.

in local operations, but resorted to an answer he has used repeatedly: “We have a long history of operating in the country.” When faced with every question about Argentina’s problems, she either answered the same or evaded the question.

The executive praised the the advancement of the gas pipeline that will connect Vaca Muerta with Buenos Aires. The Fénix project, which Wintershall owns in Tierra del Fuego, it contributes 15% to the total gas consumed in the country. There it is associated with TotalEnergies (which is the operator) and Pan American Energy (PAE). The consortium’s total investment is approximately $700 million to continue expanding this project. They own 37.5% there and estimate they will reach a maximum expected production of 10 million cubic meters of gas per day for 15 years.

In Neuquén, WIntershall participates in various associations. In Aguada Pichana west it has 27.3%, the same as Total Energies -which manages it- and YPF and PAE are also shareholders (18.1%). It’s a conventional deposit. In the same block, Wintershall Dea owns 22.5% of the shale gas shares in Vaca Muerta (also operated by TotalEnergies – which owns 41%), while YPF owns 22.5% and PAE 14%.

Another of its holdings is the San Rocco block, with the same partners as before and with Total as operator. Over there. YPF holds 34.1%, Wintershall and Total each hold 24.7% and PAE 16.5%.

The company is watching hydrogen projects all over the world and Argentina could be targeted. As for participation in the construction of an LNG plant in the country – a project owned by YPF and another conducted by private entities – Wieland did not rule them out but did not provide any precision or certainty.

Wintershall has been in the country since 1978 and has a production equivalent to 63,000 barrels per day (heavy weight of gas). It operates offshore platforms in Tierra del Fuego.

Source: Clarin

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