BASF, LetterOne complete Wintershall Dea

LetterOne and BASF recently completed the merger of their oil and gas businesses to create Wintershall Dea, the largest independent exploration and production company in Europe.

This merger, the largest in the oil and gas sector for a decade, creates a new oil and gas company, Wintershall Dea, which is the world’s largest privately-held energy company.

Based on its existing project pipeline, Wintershall Dea is on track to grow production to between 750,000 and 800,000 boe per day between 2021 and 2023, which equates to an annual production growth rate of between 6 and 8 percent.

BASF and LetterOne expect to offer shares in Wintershall Dea through an IPO in the second half of 2020, subject to market conditions.

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