German oil company Wintershall Dea said Monday it had decided to terminate all its operations in Brazil and to close the current office in Rio de Janeiro after the execution of all required measures.
"This decision is the result of a very thorough analysis of our global portfolio and evaluation of individual projects and how they fit with our long-term strategy," Thilo Wieland, Member of the Wintershall Dea Board, responsible for the regions Russia, Latin America and Transportation, explains.
"The focus of Wintershall Dea's global production is on natural gas, which currently accounts for around 70 per cent of its portfolio. In addition, the company will continue to use its long-standing expertise to produce oil in the most efficient and responsible way, focusing on selected regions and projects that are in line with its ambitious climate targets," Wintershall Dea said.
In Brazil, Wintershall Dea holds to date participating interests in a total of nine exploration licenses, spread over Potiguar, Ceará, Campos and Santos basins, which were awarded to the company in bidding rounds in 2018 and 2019. The company has no remaining minimum work commitments in the licenses or other material financial obligations.
"We greatly appreciate the good relationships we have built over the years with our business partners and the authorities in Brazil and will work constructively with them to ensure a smooth transition," said Wieland.