Wintershall and Esso cooperate in Brazil
This marks the fifth exploration block Wintershall AG has acquired in Brasil during 2001. In April, the Wintershall group acquired a 35% share in the deepwater exploration block BM-C-10 operated by Shell Brazil. In June, the Wintershall group acquired 100% interests in three shallow water exploration blocks during the ANP's third bid round, BM-ES-7, BM-C-19, and BM-S-14.
Bernhard Schmidt, Member of the Board and President, Exploration and Production of Wintershall AG, said: "This cooperation with Esso further expands the number of joint investment activities Wintershall AG has with the world's leading oil and natural gas companies. In addition, it strengthens our worldwide exploration portfolio, providing opportunities for Wintershall AG's continuing growth and technical expertise."
William Durbin, General Manager of Wintershall AG's Brazilian subsidiaries, said: "Wintershall AG continues to see opportunity and make significant commitments to Brazil as part of an overall strategy to strengthen our long term position in the Southern Cone. This acquisition creates a sound, balanced portfolio of shallow and deepwater exploration acreage. We are pleased to be participating with Esso in BM-ES-1."
Wintershall AG is a wholly-owned subsidiary of BASF AG in Ludwigshafen, Germany, and has been active in the exploration and production of oil and natural gas for more than 60 years. The company is the largest German oil and natural gas producer abroad.
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