German giant Wintershall Dea is keeping its clean energy plans despite downsizing investment plans for what is expected to be a tough year ahead, as it shies away from oil and banks on gas in a portfolio makeover.
The Kessle-based company, which reported a loss this week of €673 million ($724 million) on a full-year profit of €952 million, cut back its capital expenditure plans for 2020 as it braced itself for the coronavirus (Covid-19) hit ahead.
The first year of Wintershall Dea following the merger saw the company produce 642,000 barrels of oil equivalent per day in 2019, which is 9% more gas and oil than Wintershall and Dea’s combined total in 2018 which stood at 589,000 boepd.
