Germany's Wintershall wants bigger role in Middle East, North Africa

Jan. 13, 2014 at 6:08 AM
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ABU DHABI, United Arab Emirates, Jan. 13 (UPI) -- Germany's Wintershall and UAE energy company Mubadala Petroleum agreed Monday to jointly consider future opportunities in the Middle East and North Africa.

Mubadala has its headquarters in Abu Dhabi, United Arab Emirates.

Wintershall said it would combine its technological expertise with Mubadala's regional experience in exploration and production. No financial terms were disclosed.

"We view our cooperation as a strong basis for further expanding our activities in the MENA region," Rainer Seele, Wintershall chairman, said in Abu Dhabi during an energy foreum.

Martin Bachmann, Wintershall's director of exploration and production, said he expected the region to start taking on more energy in line with forecasts from the International Energy Agency.

"The region itself is becoming an important energy consumer," Bachmann said.

The IEA expects an eightfold increase in energy demand from the Middle East and North Africa by 2030, Wintershall officials said.

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