Background

BASF SE's portfolio includes oil and gas, chemicals, synthetics, and petroleum derivatives.

BASF and Wintershall Holding GmbH (a wholly-owned subsidiary of BASF) have a partnership with Gazprom to develop the Yuzhno-Russkoye oil, gas and condensate field and Blocks 1A, 4A and 5A in the Achimov deposits of the Urengoyskoye oil, gas and condensate field, as well as to cooperate on the Nord Stream and Nord Stream 2 projects.

Block A1 in the Achimov deposits of the Urengoyskoye field is developed by Achimgaz, a joint venture formed by Gazprom Dobycha Urengoy and Wintershall on equal terms. Since 2008, the number of active wells at the block has grown to 69, with 9 more wells to be brought onstream in 2016. It is planned to reach the design number – 113 wells – by 2018.

In 2015, Gazprom and BASF/Wintershall closed their asset swap deal. As a result, Wintershall obtained 25.01 per cent in the project for developing Blocks 4A and 5A in the Achimov deposits of the Urengoyskoye field.

Yuzhno-Russkoye, one of Russia's largest fields, is located in the Yamal-Nenets Autonomous Area. Its aggregate gas reserves are estimated at 1 trillion cubic meters.

Yuzhno-Russkoye is developed by Severneftegazprom, a joint venture of Gazprom (40 per cent), Wintershall Holding GmbH (35 per cent), and Uniper (25 per cent).