* To bid in Brazilian offshore oil exploration auctions
* Part of drive to boost sales, profit growth
*
By Vera Eckert
KASSEL,
Chief executive Mario Mehren told reporters his company,which is due to merge with Russian-owned German rival DEA, would compete in upcoming offshore licensing roundsin
"We have been very
"The Brazilian coastline is viewed as one of the world'smost promising oil regions," he added.
Wintershall's assets so far stretch from oil fieldconcessions in
It has studied geological data and is ready to co-operate invarious arrangements for various assets in
Foreign companies such as Exxon and Statoil, as well as Brazilian firms, could be open topartnerships, he added.
For Wintershall,
Wintershall expects significant rises in sales and earningsbefore special items in 2018, after increasing both steeply in2017, thanks to higher volumes and higher commodity prices.
Oil prices last year increased 23 percent to
It also sees gas prices remaining at current levels innorth-western
The merger with DEA, which BASF said last week would likelyclose by the end of the third quarter, will bring synergies inGerman and Norwegian oil and gas ventures where the two operateseparately, and in administration costs, Mehren said.
This would likely affect the two headquarters at Kassel and
The merger will be followed by an initial public offering ofthe merged entity, which BASF said it did not expect to happenbefore 2020.
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