Oil and gas company Wintershall Dea was slower to give up its long-lasting and historically significant presence in Russia than many of its competitors. Nevertheless, a complete exit has now come to pass in 2023.

This reality was referred to as the company enduring a ”financial expropriation” in its Russian branch, which consists of three joint ventures with state-owned Russian gas company Gazprom, rendering it impossible for Wintershall to remain. Wintershall Dea alleges that the company is entitled to compensation worth EUR 2bn from Gazprom.

So states Chief Executive Officer of Wintershall Dea Mario Mehren to Norwegian media Dagens Næringsliv. He further notes that as a result of the Russian exit, Norway is now the number one key market for Wintershall Dea, which was the sixth largest producer on the Norwegian continental shelf in 2021, and the plan is to scale up operations.

”Around 75 of our investments over the past three years since Wintershall Dea formed [through a merger] have occurred in Norway. So [the Norwegian market] will play a crucial role for Wintershall Dea just as it will for Europe’s energy supply,” the chief exec remarks.