DRAG enters a further joint venture with Wintershall – Rhine Graben and foothills of the alps preferred as target areas
Heidelberg. Deutsche Rohstoff AG has entered a further joint venture with Wintershall Holding GmbH via its subsidiary Rhein Petroleum GmbH. The project is located in the Bavarian Allgaeu close to the town of Mindelheim.
New technology helped to identify formerly undetected target areas in the course of the preparation of old seismic data. Within the scope of the joint venture, these areas will now be explored for oil. “We assume that there is significant potential in that area which can be identified with 3D seismic” says Rhein Petroleum’s managing director Franz Nieberding. “We are glad to follow up the fruitful and professional cooperation with Wintershall in this area. Southern Germany has re-emerged as a target area for oil and gas production after long years of slumber” adds Titus Gebel, CEO of Deutsche Rohstoff AG.
Both parties are already partners in redeveloping the adjacent oil field Arlesried, formerly the largest one in Bavaria. The producing oil field Aitlingen and the new discovery Schwabmünchen are also located in the immediate vicinity (both Wintershall).
Domestic Oil Production – Southern Germany attractive again
Germany is currently covering three per cent of its oil and 16 per cent of its gas demand from domestic sources. So far, the focus was placed on the North German Plain. In Southern Germany, production areas include the Rhine Graben and the foothills of the alps. Only four of formerly 50 oil and gas fields were in operation: Landau and Eich in the Rhine Graben, Aitlingen and Hebertshausen in Bavaria. The branch had already abandoned the area as fully exploited. However, the new discoveries in Speyer (Rhine Graben) and Schwabmünchen (Bavaria) fundamentally changed the situation. The discovery of the oil field in Speyer by itself allows Germany to extend its statistical range of coverage for four years. There are around 50 million barrel of exploitable oil. Numerous domestic as well as foreign companies are now competing for licences in Southern Germany; several drillings are projected.
Deutsche Rohstoff AG (Heidelberg) is establishing a new primary producer. The company’s focus is placed on gold, oil/gas and so called high tech metals such as indium, gallium, rare earth metals, cobalt. All projects are located in countries marked by political stability, the core area being Germany. The business concept is based on redeveloping deposits which have been well explored in the past. Production start is scheduled for 2010.
Through its 80 per cent share in Rhein Petroleum GmbH the company explores oil and gas deposits in Germany. Herzford International Ltd. holds the remaining 20 per cent. Rhein Petroleum GmbH is one of the companies with the most extensive rights to oil and gas deposits in Southern Germany. Many of them were abandoned due to low oil prices, not because of depletion. Please visit www.rohstoff.de for more information.
Wintershall, headquartered in Kassel, is a 100 per cent subsidiary of BASF in Ludwigshafen. It has been operating for more than 75 years in oil and gas exploration and production in Germany. Wintershall deliberately concentrates its activities on selected core areas, in which the company possesses a high degree of regional and technological expertise. These include Europe, North Africa, South America as well as Russia and the area around the Caspian Sea. The company is the largest oil and gas producer in Germany today.
Heidelberg, April 2010
Dr. Thomas Gutschlag
Deutsche Rohstoff AG
Friedrich-Ebert-Anlage 26, 69117 Heidelberg
Tel: 06221/652 4730
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