Wintershall Dea

Wintershall was founded in 1894 and DEA was founded five years later as Deutsche Tiefbohr-Actiengesellschaft. The two companies began to work together more intensively since the 1950s. In 1952, Wintershall and DEA acquired the majority in Deutsche Gasolin AG which later merged with its sister company Aral AG in connection with the construction of the Emsland oil refinery. Another consequence of their collaboration was the joint establishment of Germany's only offshore drilling platform Mittelplate in the Wadden Sea, which began production in 1987. On 27 September 2018, the respective parent companies of Wintershall and DEA, namely BASF and LetterOne, announced the binding contract for the merger of their daughter companies. Wintershall Dea was created on 1 May 2019 through the merger of Wintershall and DEA. In August 2020, Wintershall Dea signed a cooperation memorandum with Sonatrach of Algeria. In December 2023, an agreement was signed for the acquisition of Wintershall Dea by the British gas and oil production company Harbour Energy for $11.2 billion. The transaction is expected to be completed in the fourth quarter of 2024. As part of the transaction, both BASF and LetterOne will receive shares (39.6% and 14.9%, respectively) in Harbour Energy as payment. The German headquarters in Hamburg and Kassel will be closed after the completion. ==Operations==

Wintershall Dea operated in the field of gas and oil exploration and production in 13 countries in Europe, Latin America, the Middle East, North Africa and Russia with headquarters in Kassel and Hamburg. it employed around 2,800 people worldwide. Its chief executive officer has been Mario Mehren. Wintershall Dea owned 40% of the Bergknapp prospect. It has also been the operator of the prospect. Russia the company had numerous gas assets in Russia and was a key factor in financing the Nord Stream 2 project, lending substantial sums to the Russian state-owned energy giant Gazprom. On the eve of Russia's invasion of Ukraine in February 2022, DEA advocated against punitive measures on Russia that focused on gas supply and pipelines. In January 2023, about one year after the Russian invasion of Ukraine, Wintershall Dea stopped its business operations in Russia with an estimated loss of 1.4 billion Euros. The Russian side had allegedly plundered the bank accounts of partnership projects and the Russian state effectively seized profits generated since March 2022. Several of Wintershall Deas lost investments in Russia were secured by German government guarantees. In December 2023 a Russian presidential decree gave the government the power to confiscate and forcibly sell off assets belonging to European energy firms including shares in the Yuzhno-Russkoye oil and gas field, currently owned by Austria’s OMV and Wintershall Dea. == Bibliography ==