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Wintershall Dea
Fixed Income Investor Presentation
SEPTEMBER 2019
AGENDAINVESTOR PRESENTATION
PAGE 2
COMPANY INTRODUCTION AND STRATEGY1
CREDIT HIGHLIGHTS
HISTORICAL FINANCIALS
CONCLUSION
APPENDIX
2
3
4
A
COMPANY INTRODUCTION AND STRATEGY
PAGE 3
SECTION 1
COMPANY INTRODUCTION AND STRATEGY
PAGE 4
SOURCE: COMPANY INFORMATION
FOCUSED ACTIVITIES ACROSS THE E&P VALUE CHAIN
Stable cash flowsfrom infrastructureassets
Exploration – Development – Production European Pipeline Networks
UPSTREAM MIDSTREAM
Strong cash flows from E&P activities1 2
COMPANY INTRODUCTION AND STRATEGY
WINTERSHALL DEA AT A GLANCEDIVERSIFIED UPSTREAM PORTFOLIO CENTRED AROUND 4 REGIONS
PAGE 5
RESERVES TO PRODUCTION RATIO (OR RESERVES AND RESOURCES TO PRODUCTION RATIO, WHERE APPLICABLE).2 93% AUDITED BY EXTERNAL AUDITORS. 3 NOT EXTERNALLY AUDITED. 4 AGGREGATED NUMBER FOR WINTERSHALL AND DEA.
1
35%
Middle East & North Africa (MENA)Latin America
RussiaNorthern Europe
65% 35%
34%66%
3.03.7 2.9
2.6
1P 2P 2C 2P+2C
bn boe2P RP1
18 years1P RP1
15 years
2P+2C RP1
31 years
6.3
589 mboe/d2018 WI Production
Baa2/BBBMoody’s/Fitch Ratings
66% Gas2018 Production Split
€6.3bn2018 PF Sales Revenues
€1.2bn2018 Free Cash Flow4
€3.6bn 2018 PF EBITDAX
RESERVES CATEGORISATION (2018YE)
1P/2P Ratio82%
2P Res: 2,345 mmboe
‘18 Prod: 252 mboe/d
2P Res: 893 mmboe
‘18 Prod: 203 mboe/d
2P Res: 201 mmboe
‘18 Prod: 60 mboe/d
2P Res: 268 mmboe
‘18 Prod: 74 mboe/d
1 2
4 3
3
32
2
WINTERSHALL DEA MERGERCOMPANY INTRODUCTION AND STRATEGY
PAGE 6
Create the Leading European Independent exploration and production company with strong international operations and significant scale
Increase competitiveness and future viability
Create value through additional growth opportunities and realization of €200m p.a. of synergies by year 3 of the merger
STRATEGIC RATIONALE FOR THE MERGER
SOURCE: COMPANY INFORMATION. 1 PREFERENCE SHARES WILL BE CONVERTED INTO ORDINARY SHARES IN WINTERSHALL DEA NO LATER THAN 36 MONTHS AFTER CLOSING OF THE MERGER BUT IN ALL CASES BEFORE
AN IPO.
SHAREHOLDING STRUCTURE
Ordinary shares
Preference shares1
67%(72.7%)
(33%(27.3%)
5.7%
COMPANY INTRODUCTION AND STRATEGY
PAGE 7
Financial Discipline
• Robust financial framework anchored on commitment to Baa2/BBB rating
• Disciplined and prudent cash prioritisation and capital allocation framework
• Sustainable shareholder returns through the cycle
Balanced Value Creation• Balanced profitable growth and sustainable shareholder distributions
• Portfolio renewal through focused exploration and accretive M&A opportunities
Operational Excellence• Relentless focus on health and safety and minimising our environmental footprint
• Continuous improvement of efficiency with focus on maintaining top quartile operating costs
Partner of Choice• Partner of choice with proven ability to forge enduring and mutually beneficial relationships
• Maintaining and growing operating capabilities
Energy Transition
• Maintaining low carbon gas dominated portfolio
• Contributing to the energy transition by continuously improving carbon efficiency in all activities
• Developing a leading position in transparency on carbon footprint
CORPORATE STRATEGY
COMPANY INTRODUCTION AND STRATEGY
PAGE 8SOURCE: COMPANY INFORMATION
Focus Areas
Initiatives
We explore and produce gas and oil
worldwide inthe most efficient
and responsible way.
GovernanceWe are committed to doing business responsibly and creating trust through transparency.
Environment & Climate ProtectionWe constantly minimize our ecological footprint and use resources efficiently.
Social ResponsibilityWe enforce social standards in all we do and
actively engage with our stakeholders.
ClimateOperational Stewardship
Diversity
• Embracing diversity and inclusion
• Over 60 nationalities part of inclusive culture
• Share of >30% women in workforce above industry average2
• 66% of our production is low-carbon gas
• No routine flaring in own operations1
• Low CO2 emission intensity of around 11 kg/boe
• ISO 14001 and 45001on relevant locations
• Water risk assessment on relevant sites
• Platform recycling in the north sea
• Support of long-term community development
Value Chain
• Supplier Code of Conduct includes our ESG standards
• Sustainability para-meters part of supplier assessments
• Joint Venture Partnering program
Principles
Zero Routine Flaring by 2030 Initiative
Methane Guiding Principles
1 CURRENTLY EXCEPT LIBYA DUE TO THE SECURITY SITUATION. 2 INDUSTRY AVERAGE OF 22% ACCORDING TO WORLD PETROLEUM COUNCIL (2017)
ESG FRAMEWORK
CREDIT HIGHLIGHTS
PAGE 9
SECTION 2
CREDIT HIGHLIGHTS
PAGE 10
Leading European Independent Gas and Oil Company with a large and diversified portfolio1
2
3
4
Strong partnerships with world class operators
High visibility on medium term profitable growth
Resilience through industry leading operating costs
Major European pipeline distribution network providing stable and highly visible cash flows
Robust financial policy underpinned by commitment to Baa2/BBB credit rating and disciplined capital allocation framework
5
6
7 Highly experienced management team with strong corporate governance
The Leading European Independent Gas and Oil Company
LEADING EUROPEAN INDEPENDENT GAS AND OIL COMPANY WITH A LARGE AND DIVERSIFIED PORTFOLIO
CREDIT HIGHLIGHTS
PAGE 11
1
SOME OF OUR KEY ASSETS2
Gas 73%Liquids 27%
3.71
(bn boe)
2018 2P RESERVES
2018 EBITDAX3
SOURCE: COMPANY INFORMATION.1 93% EXTERNALLY AUDITED. 2 2018 WI PRODUCTION. 3 PRO FORMA 2018 EBITDAX.
Mittelplate
• 21 mboe/d
CMA-1
• 51 mboe/d
Ghasha Development
• First gas: 2022
Russia• Achimov I
• 96 mboe/d• Achimov IV & V
• First gas: 2020/2021
• Yuzhno Russkoye• 150 mboe/d
Vega
• 27 mboe/d
Non-OECD 29%
OECD 71%
3.6(€bn)
589(mboed)
2018 PRODUCTION DIVERSIFICATION
EgyptianGas 4%
ArgentinianGas 11%
European Spot Gas 15%
RussianGas 36%Brent /
Liquids 34%
RESILIENCE THROUGH INDUSTRY LEADING OPERATING COSTS
CREDIT HIGHLIGHTS
PAGE 12
2
SOURCE: COMPANY INFORMATION. NOTE: OCCIDENTAL PETROLEUM (OXY) METRICS ARE PRO-FORMA FOR ANADARKO. ¹ PRODUCTION COSTS INCLUDE ONLY PRODUCTION RELEVANT AND OPERATING LEASE EXPENSES. ² INCL. AKER BP, APACHE, BP, CONOCOPHILLIPS, ENI, EQUINOR, GALP, HESS, LUNDIN, NOBLE ENERGY, OMV, OXY, REPSOL, SANTOS, SHELL, TOTAL,
WOODSIDE. 3 AGGREGATED NUMBER FOR WINTERSHALL AND DEA. FOR ILLUSTRATIVE PURPOSES ONLY.
PRODUCTION COSTS1 VS. PEERS2 PRODUCTION COSTS OVER TIME(US$/BOE; THREE-YEAR AVERAGE 2016A – 2018A)
7.1
4.3
14A H1 193
(US$/BOE)
4.5
Peer median: $8.2/boe
STRONG PARTNERSHIPS WITH WORLD CLASS OPERATORS
CREDIT HIGHLIGHTS
PAGE 13
3
WITH LONG HISTORY OF OPERATIONAL TRACK RECORD
Non-operated19%
Operated14%
JV-operated 67%
CountryProduction
2018, mboe/dOperating in the
country since Key Partners
Russia 252 1990s
Norway 140 1970s
Argentina 71 1980s
Egypt 26 1970s
Mexico 3 2017
UAE N/A Development
SOURCE: COMPANY INFORMATION.
PROVEN PARTNERSHIP MODEL(2018 PRODUCTION SPLIT)
HIGH VISIBILITY ON MEDIUM TERM PROFITABLE GROWTH
CREDIT HIGHLIGHTS
PAGE 14
4
SOURCE: COMPANY INFORMATION
Norway
• Njord• Plateau production:
40 mboe/d• First oil: 2020
• Bauge (Njord area)• Plateau production:
10 mboe/d • First oil: 2020
• Dvalin• Plateau production:
30 mboe/d• First gas: 2020
• Nova• Plateau production:
30 mboe/d• First oil: 2021
• Ærfugl• Plateau production:
25 mboe/d• First oil: 2020
Russia
• Achimov IV & V• Plateau production:
90 mboe/d• First gas: 2020/2021
• Yuzhno Russkoye (Turonian)• Plateau production:
40 mboe/d• First gas: 2019/2020
Argentina (pre-FID)• Fenix
• FID 2019/2020• Aguada Federal & Bandurria
Norte• FID 2020
Egypt• Raven (WND)
• Plateau production:30 mboe/d
• First gas: Q4 2019
UAE• Ghasha Concession
• Plateau production:40 mboe/d
• First gas: 2022
OUR MAJOR DEVELOPMENT PROJECTS AND PRODUCING ASSETS WITH FURTHER UPSIDE
Profitable production growth to 750 mboe/d by 2023
Mexico• Zama
• FID 2021
PAGE 15
UNITED KINGDOM
NETHERLANDS
BELGIUM
POLAND
DENMARK
North Sea
Baltic Sea
Kiel Greifswald
Schwerin
Bremen
Emden
Amsterdam HanoverBERLIN
Magdeburg
Kassel
ErfurtBrussels Aachen
Dusseldorf Dresden
London
NEL
STEGAL
Lippe
Frankfurt/Q
Cologne
Zeebrugge
BrandovEischleben
Rückersdorf
BactonBunde
Weisweiler
Krefeld
Hameln
Mallnow
EUGAL
Rehden
Balgzand
Reckrod
LUXEMBOURG
CZECHREPUBLIC
AUSTRIASWITZERLAND
Nuremberg
Stuttgart
Munich
Prague
Paris
Frankfurt
Le Havre
Vienna
Burghausen
Olbernhau
Ludwigshafen
WaldhausFRANCE
Leipzig
Hamburg
Radeland
WIGA Group6 Pipeline NetworkWIGA Group Compressor Stations
CREDIT HIGHLIGHTS
• Major player in the non-cyclical European gas transportation business
• Midstream business consists of:
• Partly / non-regulated pipeline assets (OPAL + Nord Stream 1):
• Earnings independent from demand fluctuations
• Significant cash flows from dividends
• Regulated pipeline assets (GASCADE, NEL, EUGAL5):
• Earnings independent from demand fluctuations on the basis of regulation
• Fixed and reliable returns on regulated midstream assets
• Net RAB 2018 of €2.6bn2 (GASCADE, NEL)3
• Return on regulatory equity4: 6.91% for new systems, 5.12% for old systems
• Midstream business is currently under-levered compared to peers, further enhancing credit capacity of the Group
SOURCE: COMPANY INFORMATION. 1 EXCL. EUGAL PROJECT. 2 INCLUDING THEORETICAL NET REGULATORY ASSET BASE FOR 50.5% CO-OWNERSHIP IN EUGAL DURING CONSTRUCTION PROCESS. 3 100% TRANSMISSION OPERATOR BASIS. WINTERSHALL DEA OWNS 50.02% IN WIGA. 4 CALCULATED FOR “3RD REGULATORY PERIOD” (2018-2022), MAX. 40% EQUITY RATIO; NEW SYSTEMS: COMMISSIONED POST 2005, OLD SYSTEMS:
COMMISSIONED PRIOR TO 2006. 5 GASCADE OWNS 50.5% IN EUGAL PROJECT. 6 WIGA IS 50.02% OWNED BY WINTERSHALL DEA
Over €200m p.a. of stable midstream cash flows able to cover debt service of the entire Group
Pipeline Wintershall Dea Share, %
Capacitybcm p.a. Length km In operation
SinceGASCADE Grid1 50.0 N/A 2,400 1992OPAL 40.0 36 473 2011NEL 25.5 20 441 2012/2013Nord Stream 1 15.5 55 1,220 2011/2012EUGAL5 25.3 55 480 End 2019
MAJOR EUROPEAN PIPELINE DISTRIBUTION NETWORK PROVIDING STABLE AND HIGHLY VISIBLE CASH FLOWS
5
CREDIT HIGHLIGHTS
PAGE 16
Capital Structure &
Financial Discipline
• Commitment to maintain a Baa2/BBB or equivalent issuer credit rating
• Robust capital structure, targeting net debt to EBITDAX of 1.5-2.0x in the medium term
• Clear cash prioritization and capital allocation frameworks
Dividend policy
• Wintershall Dea to pay dividends commensurate with its Rating Target
Hedging policy
• FX risk to be hedged via natural hedges;
• Commodity risk hedging to be considered by exception
Acquisitions &
Divestments
• M&A strategy to be in line with commitment towards the Rating Target
• Pre-IPO, the company will focus its efforts on streamlining the combined portfolio
SOURCE: COMPANY INFORMATION
6 ROBUST FINANCIAL POLICY UNDERPINNED BY COMMITMENT TO BAA2/BBB CREDIT RATING AND DISCIPLINED CAPITAL ALLOCATION FRAMEWORK
CASH PRIORITIZATION FRAMEWORKFINANCIAL POLICY
SUSTAINING CAPITAL
BALANCE SHEET
DIVIDEND DISTRIBUTION
GROWTH DEVELOPMENT CAPEX
EXPLORATION & APPRAISAL + M&A
Highest Priority
Mario MehrenChairman of the Board and CEO
Maria Moraeus Hanssen(1)
COO and Deputy CEO, EMEA Region
Paul SmithCFO
Thilo WielandBoard Member for Russia, LatAm and Midstream
Hugo DijkgraafCTO
HIGHLY EXPERIENCED MANAGEMENT TEAM WITH STRONG CORPORATE GOVERNANCE
CREDIT HIGHLIGHTS
PAGE 17
7
EXECUTIVE BOARDRole
• Highly experienced management team with 20+ years in E&P sector on average
• Diverse and complementary background and skillset
THREE-TIER GOVERNANCE STRUCTURE
Executive / Management
Board
• Responsible for overall strategy and management
• Composed of senior management leadership team
Supervisory Board
• Responsible for supervision of the Management Board
• Co-determination level of one third
Shareholders' Committee
• Members from both shareholders as well as two observers/independents
SHAREHOLDER COMMITTEE
German KhanMichael Heinz
Lord Browne of MadingleyHans-Ulrich Engel
SOURCE: COMPANY INFORMATION1 WILL LEAVE WINTERSHALL DEA AS OF DECEMBER 31ST 2019, REPLACEMENT TO BE ANNOUNCED IN DUE COURSE
HISTORICAL FINANCIALS
PAGE 18
SECTION 3
HISTORICAL PERFORMANCE1HISTORICAL FINANCIALS
SOURCE: COMPANY INFORMATION.1 2016 AND 2017 FIGURES COME FROM RESPECTIVE FINANCIALS OF WINTERSHALL AND DEA AS IS. 2 2016 TO 2018 AGGREGATED NUMBERS FOR WINTERSHALL AND DEA PRESENTED FOR ILLUSTRATIVE PURPOSES ONLY. 3 EBITDAX DEFINED AS INCOME BEFORE TAX, INCLUDING EQUITY INCOME, FINANCING COSTS, EXPLORATION EXPENSE, DD&A AND IMPAIRMENTS, ACQUISITIONS, DISPOSALS, EXTRAORDINARY ITEMS, MINORITY INTEREST, FX GAINS AND LOSSES, PENSIONS, LOSS OR GAIN IN RELATION TO DISPOSAL
OF FIXED ASSETS..PAGE 19
461 456 468
138 125 121
599581 589
635
16A 17A 18A 2019 Guidance
PRODUCTION2 (WI, mboe/d) EBITDAX (€m)3
1,6701,960
3,591776
894
16A 17A 18PF
Wintershall DEA Wintershall Dea PF
344
735867
68
59
315
16A 17A 18A
HISTORICAL PERFORMANCE1HISTORICAL FINANCIALS
SOURCE: COMPANY INFORMATION.1 2016, 2017 AND 2018 FIGURES COME FROM RESPECTIVE FINANCIALS OF WINTERSHALL AND DEA AS IS. 2 EXCLUDING M&A.
3 FREE CASH FLOW (EXCLUDING ACQUISITIONS, BUT INCLUDING FINANCIAL ASSETS)
PAGE 20
1,008 891
622
656 829
948
1,664 1,720
1,570
Up to 1,700
16A 17A 18A 2019 Guidance
CAPEX (€m)2 FREE CASH FLOW (€m)3
Wintershall DEA Wintershall Dea PF
CONCLUSION
PAGE 21
SECTION 4
CONCLUSION
CREDIT HIGHLIGHTS
PAGE 22
Leading European Independent Gas and Oil Company with a large and diversified portfolio1
2
3
4
Strong partnerships with world class operators
High visibility on medium term profitable growth
Resilience through industry leading operating costs
Major European pipeline distribution network providing stable and highly visible cash flows
Robust financial policy underpinned by commitment to Baa2/BBB credit rating and disciplined capital allocation framework
5
6
7 Highly experienced management team with strong corporate governance
The Leading European Independent Gas and Oil Company
APPENDIX
PAGE 23
APPENDIX
INTEGRATED HSEQ MANAGEMENT
SOURCE: COMPANY INFORMATION, IOGP. NOTE: HSEQ = HEALTH, SAFETY, ENVIRONMENT AND QUALITY, LTIF = LOST TIME INJURY FREQUENCY RATE 1 PROFORMA COMBINED. 2 BASED ON IOGP (INTERNATIONAL ASSOCIATION OF O&G PRODUCERS) DATA FOR EUROPE.
PAGE 24
HSEQ FRAMEWORK EXCELLENT SAFETY PERFORMANCE
0.8
0.4
0.6
0.20.4
0.7
0.7 0.7 0.7
0.0
0.5
1.0
1.5
2.0
2015 2016 2017 2018 2019 YTD
LTIF
LTIF Wintershall Dea¹ LTIF IOGP²
Safe & Healthy WorkplaceProviding a safe and healthy working
environment for all of those working on our behalf
Environmental ProtectionMinimising our environmental impact and
optimising our energy efficiency
SecurityIdentifying, understanding and managing
security risks worldwide to protect the company, our colleagues and ensure
business continuity
HSEQ LeadershipShaping HSEQ culture through own
behaviour; promoting cross-unit learning, exchanges and collaboration; driving
cultural development. We continuously monitor, report and audit to identify
opportunities for improvement.
Major Accident PreventionImplementing and maintaining
(1) Robust barriers for known risksas well as (2) Practices to create
awareness for early signals. Mitigate escalation in case of accidents
HSEQ
APPENDIX
PAGE 25
SOURCE: COMPANY INFORMATION1 INDIRECT OWNERSHIP. 2 PROFIT & LOSS TRANSFER AGREEMENT. 3 REMAINING 0.1% SHARES ARE HELD BY WIBG GMBH (100% SUBSIDIARY OF GAZPROM GERMANIA GMBH). THESE SHARES ONLY HAVE A SHAREHOLDER’S MINIMUM VOTING RIGHTS
AND NOT GRANT ANY PROFIT PARTICIPATION RIGHTS. 4 FINANCIAL INVESTOR OF NORD STREAM 2. IT IS EXPECTED THAT BY THE END OF 2019 WIGA, WGTH AND OGT WILL NO LONGER BE FULLY CONSOLIDATED IN THE GROUP’S FINANCIAL STATEMENTS AND WILL INSTEAD BE CONSOLIDATED ACCORDING TO THE EQUITY METHOD
5
MIDSTREAM BUSINESS STRUCTURE
NEL Gastransport GmbH (51% Joint Ownership NEL)
GASCADE Gastransport GmbH (Grid owner + 50.5% Joint
Ownership EUGAL)
50.02%
99.9%2,3
100%2100%2
OPAL GastransportGmbH & Co. KG5
(Leaseholder OPAL)
W&G Infrastruktur Finanzierungs-GmbH
W&G Transport Holding GmbH (80% Joint Ownership OPAL5
WIGA Transport Beteiligungs-GmbH & Co. KG5
100%2 100%2
15.5%
Nord Stream 2 AG Project Company
Loan agreement for up to €950 million from Wintershall
Nederland Transport & Trading
B.V
Fully Consolidated
› WIGA Transport Beteiligungs-GmbH & Co. KG5
› W&G Transport Holding GmbH5
› OPAL Gastransport GmbH & Co. KG5
› Wintershall Nederland Transport & Trading B.V. (NL)4
› Wintershall Dea Oil AG
“At-equity” Investments
› Nord Stream AG
› W&G InfrastrukturFinanzierungs-GmbH
› GASCADE Gastransport GmbH
› NEL Gastransport GmbH
0%
Fully Consolidated“At-equity” Investments
German Onshore Pipelines(Regulated / Partially / Non- Regulated)
Nord Stream 1 (Non-regulated)
Nord Stream 2 (Structured Financing)
Nord Stream AG (CH)
Wintershall Dea Oil AG
100%
HISTORICAL PERFORMANCE (CONT’D)APPENDIX
PAGE 26
SOURCE: COMPANY INFORMATION.
1 INFORMATION PRESENTED FOR THE GROUP AS AT AND FOR THE SIX MONTHS ENDED 30 JUNE 2019 AGGREGATES DATA FOR EACH OF WINTERSHALL AND DEA FOR THE SHORT FISCAL YEARS ENDED 30 APRIL 2019 AND FOR THE GROUP FOR THE TWO MONTHS ENDED 30 JUNE 2019. THIS INFORMATION HAS BEEN PREPARED FOR ILLUSTRATIVE AND CONVENIENCE PURPOSES ONLY AND DOES NOT PURPORT TO REPRESENT THE GROUP’S ACTUAL PERFORMANCE OR RESULTS AT ANY HISTORIC DATE OR FOR ANY HISTORIC
PERIOD OR PROJECT ITS OPERATION OR RESULTS AS AT ANY FUTURE DATE OR FOR ANY FUTURE PERIOD. INCLUDES A NON-RECURRING IMPAIRMENT CHARGE CAUSED BY AN ADJUSTMENT OF UNDERLYING PRICE ASSUMPTIONS IN THE CONTEXT OF THE MERGER
Select Income Statement Data6m ended
30 June 20191Select Balance Sheet Data As at 30 June
20191
Total revenues and other operating income 2,969 Cash and cash equivalents 977
Production and operating expenses (1,122) Other current assets (including trade and financial receivables) 2,500
Production and similar taxes (100) Current assets 3,477
Depreciation and amortisation (794) Non-Current assets 22,325
Other costs (1,297)1 Assets 25,802
Exploration expenses (98) Current financial debt 4,250
General and administration expenses (484) Other current liabilities 1,946
Result from operating Activities (926) Current liabilities 6,196
Financial Result 2 Non-current financial debt 2,676
Result before taxes (924) Other non-current liabilities 7,263
Income taxes 68 Non-current liabilities 9,939
Net result (856) Total liabilities 16,135
Net result attributable to shareholders (884) Equity 9,667
UPSTREAM PORTFOLIO OVERVIEW
PAGE 27
APPENDIX
UPSTREAM PORTFOLIO OVERVIEW
OVERVIEW
PAGE 28
Northern EuropeGermany: • Managing late life assets and production decline;
technological base with focus on EORNorway: • Current production and development area with
significant short-medium term growth and attractive exploration upside in proximity to existing infrastructure
• Exploration: Focus on value creation in the vicinity of operating fields and infrastructure
Rest of Europe: • Shallow water operations focusing on production
optimization
Middle East and North Africa
Egypt:• Long history in the region with stable production even
during past political unrestUAE:• Future of the Middle Eastern new production following
the acquisition of the Ghasha concession, highly promising gas and condensate offshore development project
Algeria:• Participation in the gas development project in the
Sahara with challenging geological and logistical demands
Libya:• History of stable production interrupted by current
geopolitical issues
Russia
• Participation in world-class assets starting from early 1990s
• Low-cost production supported by giant reserves base
• Long plateau production with significant cashflow generation
• Long-term contractual offtake agreements (YuzhnoRusskoye)
SOURCE: COMPANY INFORMATION
Latin AmericaMexico: • Mature onshore oil production and participation in one
of the world’s largest shallow-water discoveries• Exploration: Major exploration opportunity in recently
acquired blocksBrazil:• Exploration: Participation in offshore exploration
licenses in one of the most attractive hydrocarbon provinces aiming to build a significant resource base
Argentina: • Established operations in onshore and offshore fields
UPSTREAM PORTFOLIO OVERVIEW
MAJOR PRODUCTION CENTRES
PAGE 29
Argentina
2018 Production: 71 mboe/d
Russia
2018 Production: 252 mboe/d
Egypt
2018 Production: 26 mboe/d
Norway
2018 Production: 140 mboe/d
Germany
2018 Production: 54 mboe/d
SOURCE: COMPANY INFORMATIONNOTE: 2P RESERVES AND PRODUCTION FIGURES ON W.I. BASIS, AS OF FY18.
1 OTHERS INCLUDES ALGERIA, DENMARK, LIBYA, MEXICO, NETHERLANDS, UNITED KINGDOM.
RUSSIAUPSTREAM PORTFOLIO OVERVIEW
ASSET LOCATIONS
PAGE 30
• Long history of Wintershall Dea’s presence in Russia (since the 1990s)
• Close cooperation and partnership with Gazprom
• Strategic assets for Russia as these are key fields for Russian gas exports to Europe
Achimov I and Achimov IV & V
• Urengoyskoye producing since late 1970s
• Achimov I producing since 2008 with estimated project duration of c. 40 years
• Achimov IV & V aim to develop further formations of the Urengoyskoye field
Yuzhno Russkoye
• Stable contractual arrangements linked to the regulated Russian domestic market price as well as to the European netback price
• Average cost of supply of $1/boe, with attractive cash flow generation and no significant further capex required
• Significant upside from phased Turonian development and exploration
GIANT, LONG LIFE GAS PRODUCING FIELDS UNDERPINNING CASH FLOW GENERATION
KEY HIGHLIGHTS
Key assets WI (%) % GasProd. FY18 (mboe/d) Operators
Key producing assetsAchimov I 50% 70% 96 JV (Gazprom, Wintershall Dea)Yuzhno Russkoye 35%² 100% 150 JV (Gazprom, Wintershall Dea, OMV)Other 6Total Producing 88% 252Key development projectsAchimov IV & V 25% FP: 2020 JV (Gazprom, Wintershall Dea, OMV)
1
OVERVIEW OF KEY ASSETS
SOURCE: COMPANY INFORMATION¹ BY REMAINING COMMERCIAL GAS RESERVES (BASED ON WOOD MACKENZIE). 2 ECONOMIC ENTITLEMENT
Wolgodeminoil JV• Area I, II & IV
Achim Development JV• Achimov IV & V
Severneftgazprom JV• Yuzhno Russkoye
Achimgaz JV• Achimov I
Kazakhstan
Moscow
Saint Petersburg
Finland
EstoniaLatvia
Belarus
Ukraine
Georgia
Russia
Urengoy
Norway
1,000km
Wintershall Dea key assets
NORWAYUPSTREAM PORTFOLIO OVERVIEW
ASSET LOCATIONS
PAGE 31
• Europe’s largest oil and gas producing country
• Stable fiscal and operating environment; low political risk
• Key assets include:
• Maria – discovered in 2010, Wintershall Dea’s first operated development project, production started in 2017
• Vega – gas-condensate asset with first production started in 2010
• Aasta Hansteen – gas-condensate field, deepest field development on the NCS operated by Equinor, largest spar platform globally. Production started in 2018
• Skarv – FPSO hub operated by Aker BP started producing in 2013; Ærfugl as an additional near-field development
• Snorre – Norway’s second largest oil field, operated by Equinor. Further development (Snorre Extension) ongoing
• Dvalin – sub-sea gas operated development with a tie-back to Heidrun-platform, PDO approved in 2017
• Njord Area – hub operated by Equinor, includes Hyme and Baugeassets (WI: 27.5%), revised PDO approved in 2017, Platform undergoing upgrade before back into field 2020
• Nova – subsea tie-back to Gjøa. Production start in 2021
TOP 10 POSITION IN AN ATTRACTIVE OECD REGION
KEY HIGHLIGHTS
LARGEST NORWEGIAN RESERVES
OVERVIEW OF KEY ASSETS
0500
1,0001,5002,0002,500
Equinor Aker BP Total VarEnergy
LundinPetroleum
ConocoPhillips
Shell WintershallDea
ExxonMobil
Neptune
Res
erve
s (m
mbo
e)
7,0007,500
2
Wintershall Dea licencesand key assets
Barents Sea
Norwegian Sea
AastaHansteen
Maria
Njord AreaNorth Sea
E. GriegI. Aasen
SnøhvitAlta
Skarv AreaDvalinGjøa
VegaNovaBrage
1500
m
1500
m10
00 m
Finland
Sweden
Hammerfest
Norway
Denmark
500km
SOURCE: COMPANY INFORMATION, WOOD MACKENZIE
Key assets WI (%) % GasProd. FY18(mboe/d) Operators
Key producing assets
AastaHansteen 24% 100% <1 Equinor
Vega 56% 50% 27 Wintershall Dea
Skarv 28% 70% 27 Aker BP
Snorre 9% - 8 Equinor
Maria 50% 10% 12 Wintershall Dea
Other 66
Total Producing 43% 140Key development projectsNjord 50% FP: 2020 Equinor
Dvalin 55% FP: 2020 Wintershall Dea
Ærfugl 28% FP: 2020 Aker BP
Nova 45% FP: 2021 Wintershall Dea
Total Development -
GERMANY AND REST OF EUROPEUPSTREAM PORTFOLIO OVERVIEW
ASSET LOCATIONS
PAGE 32
Germany
• Wintershall Dea is the largest oil producer in the country
• Mittelplate / Dieksand – Germany’s largest oil field, with about half of all remaining German recoverable oil reserves
• Völkersen – Germany’s largest gas producing field
Netherlands / UK / Denmark
• Focused on improving production and extending field life through technology and optimised operations remotely controlled from onshore (Den Helder)
• Operator of discovered Rembrandt / Vermeer oil field; currently in FEED stage: FID planned for 2020
• Operated Danish Ravn oil field brought on line in 2018
• Cross-border Sillimanite development first gas in 2020
• Established track record in cost effective infrastructure decommissioning and reuse expertise
PRODUCING ASSETS WITH BROWN FIELD UPSIDE
KEY HIGHLIGHTS
OVERVIEW OF KEY ASSETS
Key assets Country WI (%) % GasProd. FY18 (mboe/d) Operators
Mittelplate Germany 100% - 21 Wintershall DeaVölkersen Germany 100% 100% 14 Wintershall DeaOther GE/DK/NL/UK 28Total 44% 63
Wintershall Dea licences and key assets
3
Molasse Basin
Germany
AustriaSwitzerland
France
Luxembourg
Belgium
Netherlands
Northwest German
Basin
Central
Graben
Denmark Sweden
Berlin
Kassel
Upper Rhine
Graben
Poland
Czech Republic
Hamburg
Landau
Aitingen Wolfersberg
Emlichheim Völkersen
Mittelplate
200km
Amsterdam
Mid North Sea High Central
Graben
Northwest German
Basin
Anglo-Dutch Basin
The Hague
Netherlands
Germany
BelgiumFrance
United KingdomOffshore Netherlands• Several operated
and non-operated production licenses
Offshore UK• Wingate
200km
CecilieNini
Ravn
Elly-Luke
Norwegian North Sea
Danish North Sea
German North Sea
Eingkobing-Fyn High Horn
Graben
Eingkobing-Fyn High
Central
Graben
Norwegian-Danish Basin
Netherlands Germany
Norway
Denmark
100km
SOURCE: COMPANY INFORMATION
UPSTREAM PORTFOLIO OVERVIEW
NORTH AFRICA AND MIDDLE EAST
PAGE 33
4
KEY HIGHLIGHTS
• All material North African assets are covered by the Investment guarantees of the Federal Republic of Germany
Egypt
• West Nile Delta – Production from Taurus and Libra started in March 2017; Giza, Fayoum started in Feb 2019 while Raven is expected to come on-stream by late 2019
• Disouq – Gas field producing since 2013; awarded a neighbouring new exploration block in onshore Nile delta
• Gulf of Suez – 2 offshore fields: Ras Budran and Zeit Bay; license extended in March 2019 for up to additional 8 years with improved commercial terms & entitlement increase
Algeria
• Reggane – first gas achieved in December 2017 with targeted production level of c. 8 mboe/d (net) reached in mid-2018
Libya
• Active in Libya since 1958
• Operator of 8 onshore oilfields
Middle East
• Successful Shuwaihat appraisal in Abu Dhabi
• Strong partnership with ADNOC
• Participation in Ghasha Concession (10%)
ASSET LOCATIONS
Key assets Country WI (%) % GasProd. FY18 (mboe/d) Operators
Key producing assetsDisouq Egypt 50% 95% 5 Suco²West Nile Delta Egypt 17% 90% 11¹ BPGulf of Suez Egypt 50% 27% 11 Suco²Other 33Total 74% 60Key development projectsGhasha UAE 10% FP: 2022 ADNOC
OVERVIEW OF KEY ASSETSWintershall Dea licences and key assets
GAS PRODUCTION WITH FIXED PRICE CONTRACTS PROVIDES STABLE CASH FLOWS
Gulf of Suez
Disouq
West Nile Delta
300km
EgyptLibya
Western Desert
Eastern Desert
West Mediterranean
Nile Delta Offshore
Nile Delta Onshore
CairoGulf of
SuezSaudi Arabia
Jordan
Israel
100m1000m
Sudan
500km
Mali
Mauritania
WesternSahara
MoroccoOued Mya Basin
AlgeriaIllizi Basin Libya
Niger
Italy
Portugal Spain
Tunisia
Reggane
RegganeBasin
Tunisia
C96 & C97
C137 Area 58
LIBYA
Italy Greece
Tunisia
EgyptCyrenaica
Basin
Western Desert
KufrahBasin
SirtBasin
Murzuq Basin
Illizi-GhadamesBasin
Tripoli
Pelagian Basin
Algeria
Niger
CHAD Sudan
C96 & C97
C137Area 58
NC 193 & 195
300km
SOURCE: COMPANY INFORMATION1 RAVEN CURRENTLY DEVELOPING. 2 SUEZ OIL COMPANY – JOINT VENTURE OF WINTERSHALL DEA (50%) AND THE EGYPTIAN GENERAL PETROLEUM CORPORATION (EGPC) (50%).
UPSTREAM PORTFOLIO OVERVIEW
LATIN AMERICA
PAGE 34
5
KEY HIGHLIGHTS ASSET LOCATIONS
OVERVIEW OF KEY ASSETS
Argentina
• 4th largest gas producer with operated and non-operated acreage in unconventional Vaca Muerta and participation in 18 fields
• Gas production predominantly from Tierra del Fuego with several producing fields in the CMA-1 concession including follow-up projects to keep plateau production (Fenix Phase I, further satellite developments)
• Conventional reservoirs in Neuquén basin in the blocks Aguada PichanaEast and San Roque
• Unconventional plays in Neuquén basin in non-operated blocks AguadaPichana East and San Roque as well as operated blocks Aguada Federaland Bandurria Norte
Mexico
• Sierra – in 03/2019 acquisition of six exploration and appraisal blocks including the word class Zama discovery
• Ogarrio – onshore oilfield in the Tabasco state; the FDP for the redevelopment was approved in March 2019
• Block 2 (30% WI) – exploration block in partnership with operator Pemex (70%)
• Block 16,17 and 30 (40% WI) – three exploration licenses with operatorship awarded in March 2018
Brazil
• Brazil is one of the most attractive growth regions for the oil and gas industry worldwide
• Wintershall Dea participation in seven exploration licenses (four operated) off the north and south-east coasts of Brazil with upcoming exploration activities in 2019
Key assets Country WI (%) % GasProd. FY18 (mboe/d) Operators
CMA-1 Argentina 38% 90% 51 TotalAguada Pichana East Conv Argentina 27% 97% 19 Total Ogarrio Mexico 50% 35% 3 Wintershall DeaOther 1Total 90% 74
Bolivia
ParaguayBrazil
Argentina
Buenos Aires
Uruguay
Neuquen Basin
Magallenes Basin
Chile
Nile Delta Onshore
Tierra del Fuego Province Production• Carina• Vega-Pleyade• Aries• Fenix
Exploration and Production in NeuquenProvince• Aguada Pinchana Este• San Roque
Exploration in MendozaProvince
500km
Brasilia
Rio De Janeiro
Santos Basin
Campos Basin
Buenos Aires
Uruguay
Argentina
Chile
PeruBolivia
Paraguay
Brazil
Ceara Basin
Potiguar Basin
French GuianaSuriname
GuyanaVenezuel
aColombia
Operated exploration licenses
Partner in exploration licenses
500km
ESTABLISHED POSITION IN ARGENTINA WITH A GROWING FOOTPRINT IN MEXICO AND BRAZIL
Wintershall Dea licences and key assets
`
Gulf of Mexico
100m500m
1000m
United States
Tampico-Misantla
Basin
Mexico
Guatemala
Belize
Mexico City
Sureste Basin
Exploration• Blocks 2, 16 & 17
Exploration• Block 30
Production Licence• Ogarrio
300km
Sierra• Blocks 2, 4, 5, 7, 11, 29
SOURCE: COMPANY INFORMATION
MAJOR PRODUCING
ASSET SUMMARIES
PAGE 35
APPENDIX
PAGE 36
RUSSIAMAJOR PRODUCING ASSET SUMMARIES
Country › Russia
Partners¹ › Gazprom (40%), Wintershall Dea (35%), OMV (25%)
Offshore/Onshore › Onshore
Gas/liquids › 100% Gas
2018 WI Production › 150 (mboe/d)
Start of Production › 2007
• Plateau production since 2009 (one year sooner than planned)
• A connecting pipeline measuring almost 120 km connects Yuzhno Russkoye to the Siberian pipeline network
• Currently extracting gas mostly from Cenomanian deposit with 142 wells
• Production start-up from Turonian deposit with 14 new wells in 2019 and further 121 wells in 2020-2033
SOURCE: COMPANY INFORMATION.¹ OPERATED THROUGH JV, ECONOMIC OWNERSHIP 2 OPERATING THROUGH ACHIMGAZ, A JOINT VENTURE OF WINTERSHALL DEA AND GAZPROM.
Wintershall Dea Key Assets
ACHIMOV YUZHNO RUSSKOYE
LARGEST PRODUCING FIELD IN WINTERSHALL DEA PORTFOLIO
CURRENT STATUS AND OUTLOOK
Severneftgazprom JV• Yuzhno Russkoye
Kazakhstan
Moscow
Saint Petersburg
Finland
Estonia
Latvia
Belarus
Ukraine
Georgia
Russia
Urengoy
Norway
Azerbaijan 1,000km
Country › Russia
Partners2 › Wintershall Dea (50%, operator), Gazprom (50%, operator)
Offshore/Onshore › Onshore
Gas/liquids › 70% / 30%
2018 WI Production › 96 (mboe/d)
Start of Production › 2011
• Achimov I produces natural gas and condensate from the technically complex Achimov formation in the Urengoy field - one of the largest oil, gas and condensate reservoirs in the world
• Achimgaz operates a largescale facility for separating natural gas and condensate, which now has 5 processing lines
• 96 wells out of 111 in production with estimated project duration of approximately 40 years
Wintershall Dea Licences and Key Assets
LARGEST FIELD IN THE WORLD AT A TIME OF DISCOVERY
CURRENT STATUS AND OUTLOOK
Achimgaz JV• Achimov I
Kazakhstan
Moscow
Saint Petersburg
Finland
Estonia
Latvia
Belarus
Ukraine
Georgia
Russia
Urengoy
Norway
Azerbaijan 1,000km
1
PAGE 37
CMA-1 (ARGENTINA)MAJOR PRODUCING ASSET SUMMARIES
CURRENT STATUS AND OUTLOOK
Country › Argentina
Partners› Total (37.5%, operator),
Wintershall Dea (37.5%), Pan American (25%)
Offshore / onshore › Offshore / Onshore
Gas/liquids › 90% / 10%
2018 WI Production › 51 (mboe/d)
Start of production › 1989
• Currently seven fields and five offshore platforms including the world’s most southern one in Vega-Pleyade
• Around 20 % of the gas produced in Argentina today comes from the CMA-1 area
• Two onshore processing plants (Cañadon Alfa & Rio Cullen) are in operation
• Additional plant expansion project at Cañadon Alfa successfully completed in April 2019
2
SOURCE: COMPANY INFORMATION
LARGEST GAS PRODUCING LICENSE IN THE COUNTRY
PAGE 38
NORWAYMAJOR PRODUCING ASSET SUMMARIES
Country › Norway
Partners › Equinor (51%, operator), Wintershall Dea (24%), OMV (15%), ConocoPhillips (10%)
Offshore/Onshore › Offshore
Gas/liquids › 100% Gas
2018 WI Production › <1 (mboe/d)
Start of Production › End-2018
• Deepest field development on the NCS
• The development concept includes 3 subsea templates producing to the floating platform with a vertical cylindrical hull moored to the seabed (spar platform)
• First on the NCS, it is the largest spar platform in the world
• Snefrid Nord Well coming online in Q3 2019
• Hub for future tie-ins (Asterix, Balderbrå, Gullstjerne)
SOURCE: COMPANY INFORMATION.
VEGA AASTA HANSTEEN
STABLE PLATEAU AND DEBOTTLENECKING
CURRENT STATUS AND OUTLOOK
Country › Norway
Partners › Wintershall Dea (56%, operator), Petoro (28%), Spirit (7%), Idemitsu (4%), Neptune (4%)
Offshore/Onshore › Offshore
Gas/liquids › 50% / 50%
2018 WI Production › 27 (mboe/d)
Start of Production › 2010
• Subsea tie back to Gjøa
• Reserves doubled since takeover in 2015
• 3 infill wells to be drilled in 2019-2020 to unlock additional reserves
• Hydrate philosophy under update
• Opportunities for LP/HP production at Gjøa
STABLE PRODUCTION AND FURTHER RESERVES GROWTH
CURRENT STATUS AND OUTLOOK
3
PAGE 39
NORWAYMAJOR PRODUCING ASSET SUMMARIES
Country › Norway
Partners › Neptune (30%, operator), Petoro (30%), Wintershall Dea (28%), OKEA (12%)
Offshore/Onshore › Offshore
Gas/liquids › 70% / 30%
2018 WI Production › 29 (mboe/d)
Start of Production › 2010
• Discovered in 1989, PDO approved in 2007
• Development comprises 5 templates with 11 production wells tied to a semi-submersible production and processing facility
• Opex sharing from Vega – joint development
• Gjøa P1 project (drilling of 3 new wells) sanctioned in February 2019 and approved in June 2019; expected to come on-stream in Q1 2021
• Nova and Duva as future tie-backs
SOURCE: COMPANY INFORMATION.
SKARVGJØA
RELIABLE HOST PLATFORM FOR VEGA AND NOVA
CURRENT STATUS AND OUTLOOK
Country › Norway
Partners › Equinor (36%), Wintershall Dea (28%), Aker BP (24%, operator), PGNiG (12%)
Offshore/Onshore › Offshore
Gas/liquids › 70% / 30%
2018 WI Production › 27 (mboe/d)
Start of Production › 2012
• Four unitised licenses including Skarv & Idun fields as well as Gråsel & Ærfugl discoveries
• Subsea tie-back to FPSO
• Ærfugl subsea tie-back to Skarv is under development with production expected to start in Q4 2020
• Optimization of gas blow down ongoing
FILLING THE VESSEL THROUGH MATURATION OF DISCOVERIES AND PROSPECTS
CURRENT STATUS AND OUTLOOK
3 CONTINUED
PAGE 40
NORWAYMAJOR PRODUCING ASSET SUMMARIES
Country › Norway
Partners › Lundin (65%, operator), OMV (20%), Wintershall Dea (15%)
Offshore/Onshore › Offshore
Gas/liquids › 10% / 90%
2018 WI Production › 15 (mboe/d)
Start of Production › 2015
• Discovered in 2007 and came on-stream in November 2015
• 14 wells development program successfully completed in 2018 resulting in rd. 50% increase of the ultimate reserves recovery compared to PDO
• Strong reservoir performance supports low operating cost (4 USD/boe)
• Development plan for the Solveig oil field (tie back to Edvard Grieg) submitted for approval
• Further infill drilling planned after 2020
SOURCE: COMPANY INFORMATION.
MARIA EDVARD GRIEG
OUTSTANDING PERFORMANCE AT LOW COST
CURRENT STATUS AND OUTLOOK
Country › Norway
Partners › Wintershall Dea (50%, operator), Petoro (30%), Spirit (20%)
Offshore/Onshore › Offshore
Gas/liquids › 10% / 90%
2018 WI Production › 12 (mboe/d)
Start of Production › 2017
• Multiple host subsea tie back with production to Kristin, water injection from Heidrun and gas lift from Åsgard B via Tyrihans
• Initial performance and reserves below expectations due to unexpected (i) sealing silt layers disconnecting injection and production wells and (ii) lack of faults which should have broken up possible sealed layers
• 2 infill wells to be drilled in 2019 to improve pressure support and recovery
• Maria Phase II initiated for further recovery
RESERVOIR MANAGEMENT AND RECOVERY IMPROVEMENT
CURRENT STATUS AND OUTLOOK
3 CONTINUED
PAGE 41
EGYPTMAJOR PRODUCING ASSET SUMMARIES
Country › Egypt
Partners › BP (82.75%, operator), Wintershall Dea (17.25%)
Offshore/Onshore › Offshore
Gas/liquids › 90% / 10%
2018 WI Production › 11 (mboe/d)
Start of Production › 2017
• First IOC-operated production asset in Egypt, with no traditional joint venture operation and cost recovery structure
• Subsea development of 5 fields
• Production from Taurus and Libra fields started in March 2017, followed by Giza and Fayoum fields in Feb 2019
• Raven is expected to come on-stream in late 2019
• Large number of attractive ILX (infrastructure led exploration) candidates
SOURCE: COMPANY INFORMATION.¹ SUCO: JOINT VENTURE OF WINTERSHALL DEA (50%) AND EGPC (50%) OPERATING VIA SERVICE AGREEMENT WITH DISOUCO (JV WITH EGAS).
GULF OF SUEZWEST NILE DELTA
EFFICIENT USE OF THE EXISTING OFFSHORE INFRASTRUCTURE
CURRENT STATUS AND OUTLOOK
Country › Egypt
Partners1 › SUCO (operator Ras Budran and Zeit Bay); EGPC (50%); Wintershall Dea (50%)
Offshore/Onshore › Offshore
Gas/liquids › 30% / 70%
2018 WI Production › 11 (mboe/d)
Start of Production › 1983
• Successfully developed to produce more than 650 MMboe of crude oil since 1983
• Two offshore crude legacy oil fields: Ras Budran and Zeit Bay
• Both licenses were extended in March 2019 and have a renewal option in three years for a further five years.
OWN FACILITIES TO TREAT, PROCESS, HANDLE AND SHIP OIL AND GAS
CURRENT STATUS AND OUTLOOK
4
PAGE 42
GERMANYPRODUCTION PORTFOLIO
Country › Germany
Partners › Wintershall Dea (100%, operator)
Offshore/Onshore › Offshore/onshore
Gas/liquids › 100% Liquids
2018 WI Production › 21 (mboe/d)
Start of Production › 1987
• Largest and most productive oil field in Germany delivering more than 50% of domestic oil production
• Extended reach drilling (ERD) from platform and onshore
• Highest environmental protection and safety standards anywhere in the world
• Further development of reservoirs to the South of the artificial island under way
SOURCE: COMPANY INFORMATION.
VÖLKERSENMITTELPLATE
WORLD-CLASS ENVIRONMENTAL PERFORMANCE
CURRENT STATUS AND OUTLOOK
Country › Germany
Partners › Wintershall Dea (100%, operator)
Offshore/Onshore › Onshore
Gas/liquids › 100% Gas
2018 WI Production › 14 (mboe/d)
Start of Production › 1994
• Gas field with the highest 2018 gas production in Germany (12% of the domestic gas production)
• Production from Rotliegend reservoirs in depths of around 5,000 meters; main producer Havel sandstones
• Development consists of eight drilling sites and 18 production wells
MAINTAINING PRODUCTION LEVEL VIA ADDITIONAL SIDETRACKS
CURRENT STATUS AND OUTLOOK
5
DEVELOPMENT PORTFOLIO
PAGE 43
APPENDIX
PAGE 44
NORWAYDEVELOPMENT PORTFOLIO
Country › Norway
Partners › Wintershall Dea (50.0%), Equinor (27.5%, operator), Neptune (22.5%)
Start of Production › 2020
Development Concept › Floating steel platform and storage vessel
Plateau Production › 40 (mboe/d)
• Developed with a floating steel platform, Njord A, which has an integrated deck with drilling and processing facilities
• Field shut down from 2016 to 2020 due to extensive upgrades of the platform Njord A and the storage vessel Njord Bravo
• Njord A column top extensions installed and welding near complete
• Njord B refurbishment work started in July 2018 and is on schedule at the Aibel yard in Haugesund
SOURCE: COMPANY INFORMATION.
ÆRFUGLNJORD
ONGOING RE-DEVELOPMENT AIMING FOR ANOTHER 20 YEARS OF PRODUCTION FROM 2020
CURRENT STATUS AND OUTLOOK
• PDO approved in April 2018
• Development planned to be completed in two phases:
• Phase 1 with 3 production wells to start in late 2020
• Phase 2 incl. debottlenecking studies of the gas processing facilities ongoing to accelerate start from 2023 to 2021
• High activity on engineering and fabrication of subsea system structure, the wellheads and the Xmas tree system
SUBSEA DEVELOPMENT PROJECT TYING BACK TO SKARV
CURRENT STATUS AND OUTLOOK
Country › Norway
Partners › Equinor (36%), Wintershall Dea (28%), Aker BP (24%, operator), PGNiG (12%)
Start of Production › 2020
Development Concept › Subsea tie-back to Skarv FPSO
Plateau Production › 25 (mboe/d)
1
PAGE 45
NORWAYDEVELOPMENT PORTFOLIO
• Planned as subsea tie back to Heidrun
• Start of offshore operations in Q2 2018 with successful lifting of the H25 module onto Heidrun, installation of subsea template on seabed and gas export pipeline completed
• Drilling of 4 production wells to start in Q3 2019
• First gas planned in 2020
SOURCE: COMPANY INFORMATION.
NOVADVALIN
OWN-OPERATED GAS FIELD TO BE TIED INTO EXISTING HEIDRUN PLATFORM
CURRENT STATUS AND OUTLOOK
• The project consists of 2 subsea templates tied-back 17 km to the Gjøa semi-submersible platform
• PDO approved in September 2018
• Production start planned in 2021
• Project progress on schedule with the installation oft the subsea pipelines and umbilicals completed in August 2019
SELF-OPERATED DISCOVERY TO BE CONNECTED TO THE NEAR FIELD INFRASTRUCTURE
CURRENT STATUS AND OUTLOOK
2
Country › Norway
Partners1 › Wintershall Dea (45%, operator), Capricorn (20%), Spirit (20%), Edison (15%)
Start of Production › 2021
Development Concept › Subsea tie-back to Gjøa
Plateau Production › 30 (mboe/d)
Country › Norway
Partners1 › Wintershall Dea (55%, operator), Petoro (35%), Edison (10%)
Start of Production › 2020
Development Concept › Subsea tie-back to Heidrun
Plateau Production › 30 (mboe/d)
PAGE 46
UAE & RUSSIADEVELOPMENT PORTFOLIO
Country › UAE
Partners › ADNOC (60%, operator), Eni (25%), Wintershall Dea (10%), OMV (5%)
Start of Production › 2022
Development Concept › 3 Main Development Hubs
Plateau Production › 40 (mboe/d)
• Dalma Hub with three fields for gas production starting in H2 2022 – tie back into existing onshore gas processing facilities
• Planned plateau production of 40 mboe/d to be reached in 2025
• Ghasha-Hail Hub with two field ultra-sour gas-condensate development – dedicated offshore & onshore processing facilities –production start planned for 2024
• Deep Gas Hub with two fields for gas production starting in 2025 – tie back into existing facilities – concept select ongoing
ACHIMOV IV & V ASSET (RUSSIA)GHASHA (UAE)
LARGEST GAS AND CONDENSATE FIELDS HUB YET TO BE DEVELOPED IN UAE
CURRENT STATUS AND OUTLOOK
• Gas and condensate production from the technically and geologically complex Achimovformation (~3650 m TVD)
• 1st construction phase started in 2018 with 40 production wells
• 2nd construction phase will include 108 production wells
NEXT MILESTONE IN THE SUCCESSFUL DEVELOPMENT OF ACHIMOV FORMATION
CURRENT STATUS AND OUTLOOK
Country › Russia
Partners1 › Gazprom (75%), Wintershall Dea (25%)
Start of Production › 2020/2021
Development Concept › Onshore gas and condensate production via pipelines
Plateau Production › 90 (mboe/d)
100 km
SOURCE: COMPANY INFORMATION.¹ OPERATING THROUGH ACHIM DEVELOPMENT, A JOINT VENTURE OF WINTERSHALL DEA AND GAZPROM.
Wolgodeminoil JV• Area I, II & IV
Achim Development JV• Achimov IV & V
Severneftgazprom JV• Yuzhno Russkoye
Achimgaz JV• Achimov I
Kazakhstan
Moscow
Saint Petersburg
Finland
Estonia
Latvia
Belarus
Ukraine
Georgia
Russia
Urengoy
Norway
Azerbaijan 1,000km
Wintershall Dea Key Assets
3
DEVELOPMENT PORTFOLIO
FENIX (ARGENTINA)
PAGE 47
Country › Argentina
Partners› Total (37.5% operator),
Wintershall Dea (37.5%), Pan American (25.0%)
Start of production › 2022
Development concept› Installation of an offshore
platform and pipeline to adapt onshore facilities
Plateau Production › 15 (mboe/d)
• CMA-1 Follow-Up development (Fenix Phase I) is scheduled to maintain the CMA-1 gas production plateau
• The planned scope includes the installation of an offshore platform, drilling three horizontal wells, laying 24" 72 km multiphase pipeline to onshore plant, adapt onshore facilities
• Final investment decision planned in 2019
CURRENT STATUS AND OUTLOOK
SOURCE: COMPANY INFORMATION
UNLOCKING FURTHER RESERVES AND OPTIMIZING RECOVERY
4
EXPLORATIONPORTFOLIO
PAGE 48
APPENDIX
PAGE 49
SOURCE: COMPANY INFORMATION
EXPLORATION PORTFOLIO
MAJOR CENTRES
PAGE 49
2019 2020
Toutatis Gullstjerne Balderbra Appraisal Dvalin North
Yaxchilan (drilling) Polok Block 30
Other Sillimanite South (UK) Ganna (EY)Vibe (DK)
Current Portfolio:• Review exploration potential within
West Nile Delta concessions• Exploration potential in onshore Nile Delta
Block 10Planned Activities:
• Looking for partners to join Block 10, for upcoming exploration drilling campaign
• Planned participation in upcoming bidding rounds
Current Portfolio:• 10 exploration blocks • Includes Zama discovery
Planned Activities:• Further exploration activities in existing
blocks• About 10 committed and non-committed
wells in 2019-2020, all non-operated• No further bid rounds expected in the short-
medium term due to regulatory changes
Current Portfolio:• 7 exploration licences in the following basins:
Ceara (1x operated), Potiguar (3x operated), Campos & Santos (3x)
Planned Activities:• Acquisition and interpretation of 3D seismic
data ongoing• Looking for partners to join operated licenses• Active screening of further opportunities • Planned participation in upcoming bidding
rounds
Current Portfolio:• Wide range of operated and non-operated exploration licenses with limited material
scope in Germany, Denmark, Netherlands, Russia, ArgentinaPlanned Activities:
• Portfolio evaluation ongoing• Recent award of two exploration licenses offshore Argentina (Malvinas basin)• Planned participation in upcoming bidding rounds, e.g. Abu Dhabi
Current Portfolio:• Holds 37 exploration licenses (excluding
producing assets and protection acreage), of which 13 are operated
Planned Activities:• In 2019 and 2020, the Group plans to drill up to
10 exploration and appraisal wells and plans to participate in upcoming bidding rounds
Mexico
Norway
Brazil
Egypt
Rest of the World
DEFINITIONS
Note: Certain numerical figures and percentages set out in this presentation have been subject to rounding adjustments
CAPEX • Capex (excluding M&A) for the Group consists of payments for intangible assets, property, plant and equipment and investment property
EBITDAX• EBITDAX defined as income before tax but adjusted for the following items: financing costs, exploration expense, DD&A
and impairments, acquisitions, disposals, extraordinary items, minority interest, FX gains and losses, pensions, loss or gain in relation to disposal of fixed assets
Free cash flow • Free cash flow for the Group comprises the cash flow from operating activities and the cash flow from investing activities but excludes payments for acquisitions
FID • Final Investment Decision
Production costs • Production costs include G&A allocation but exclude export and processing tariffs, finance items and R&D
RCF • Revolving credit facility
Realized oil /gas price • Includes hedges and physical forward sales
WI • Working Interest, net to Wintershall Dea
RAB • Regulatory Asset Base
PAGE 50