Business/economics

Case Study Details Reserves and Resource Management During a Merger

The paper provides insight into managing reserves and resource information during a merger through description of a case study.

Pie Chart of CP CU CH ratios

In May 2019, the merger between Wintershall and DEA Deutsche Erdoel was closed, which was the birth of Wintershall Dea (WD). A system for internal reporting of petroleum resources described in the paper provides a fit-for-purpose approach, such as a consistent interpretation of commerciality criteria or definition of resources subclasses. A systematic resource-control system is defined, focusing on internal review, external and internal audits, and synergetic use of project reviews.

Merging Existing Resource Reporting

Legacy Wintershall reported resources both according to the Petroleum Resources Management System (PRMS) and the Securities Exchange Commission. PRMS reserves subclasses were reported according to project maturity (i.e., On Production, Approved for Development, and Justified for Development). This classification illustrates the project status of assets within the portfolio. The conversion factor from gas to oil equivalent was 5,600 scf/BOE, accounting for a high fraction of caloric gas in the portfolio.

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