Wintershall Dea ends activities in Brazil
Germany's Wintershall Dea said January 17 it will terminate all operations in Brazil, following all legal and contractual regulations and obligations.
In a statement, the company said it supports the EU's 2050 carbon neutrality target and wants to be net zero across its entire upstream operations by 2030.
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In Brazil, Wintershall Dea holds interests in a total of nine exploration licences, spread over Potiguar, Ceará, Campos and Santos basins.
"This decision is the result of a very thorough analysis of our global portfolio and evaluation of individual projects and how they fit with our long-term strategy," said Thilo Wieland, a member of Wintershall Dea's board.
Brazil has been plagued with challenges since the 2008 discoveries of vast pre-salt basins. Regulatory barriers, high production costs, high decline rates and caps on domestic fuel prices have caused waning interest from international E&P companies.
"We greatly appreciate the good relationships we have built over the years with our business partners and the authorities in Brazil and will work constructively with them to ensure a smooth transition," Wieland said.
With German roots and headquarters in Kassel and Hamburg, Wintershall Dea explores for and produces gas and oil in 13 countries worldwide.