Veba wraps repositioning year with 'improved' results

April 9, 2001
Veba Oil & Gas GMBH Chairman Paul Haseldonckx credited high crude prices and a robust US dollar Monday as the German company recorded post-tax profits of 300 million euros on revenues of 1.8 billion euros for 2000. Some of the gloss came off Veba's figures because production and reserves figures fell slightly with the sale of assets.


By the OGJ Online Staff

LONDON, Apr. 9�Veba Oil & Gas GMBH Chairman Paul Haseldonckx credited high crude prices and a robust US dollar Monday as the German company recorded post-tax profits of 300 million euros on revenues of 1.8 billion euros for 2000.

Some of the gloss came off Veba's figures because production and reserves figures had fallen slightly with the sale of various assets in the UK and Indonesia. The company's output was down 5,000 b/d to 160,000 b/d, and its proven reserves fell 50 million boe to 603.8 million boe.

Haseldonckx called 2000 "a very important year that saw the company reposition itself for growth through a new structure and a clear defined strategy."

Part of this repositioning involved transforming the German company's UK arm, Veba Oil & Gas UK, into a "competence center" for technical and operational support for its international operations in northern Latin America, northwestern Europe, North Africa/Near East, and Caspian/Middle East regions.

The company earmarked 420 million euros for exploration and development this year. Veba said it would concentrate on developing the Sigak discovery in Kazakhstan, bringing on stream Hanze field off Holland, advancing the Guillemot West/Northwest extension development, and exploring off the Faeroes Islands and Denmark.