Wintershall makes run on Norway

STAVANGER, Norway, Nov. 4 (UPI) -- Wintershall, the largest German oil and gas producer, announced it is relocating its Norwegian base from Oslo to the hub of the Norwegian energy sector.

Rainer Seele, board chairman of Wintershall Holding AG, said the move from Oslo to Stavanger is part a strategy to expand activity in the region.

"Our move to Stavanger represents another step in the implementation of our strategy to significantly increase our crude oil and natural gas production in Norway," he said.

Seele described Norway as the "most important supplier" of oil and gas reserves to Europe, second only to Russia.

The company said it struck oil and gas during the summer in its first exploration well located 34 miles off the coast of Norway.

In May, Wintershall won a 20-percent stake in two offshore exploration licenses in the Norwegian waters of the Barents Sea.

The U.S. Energy Information Administration estimates natural gas production from Norway reached 3.5 trillion cubic feet in 2008.

The company said about half of the natural gas consumed by European customers comes from countries bordering the North Sea.