DEA Deutsche Erdoel : New DEA CEO

'I am starting at DEA in a very interesting time for the company and for the business as a whole. My main task going forward will be to make sure that we continue to operate safely and deliver on business goals while we adapt to new conditions, in parallel with the talks between LetterOne and BASF to merge DEA and Wintershall,' says Maria Moraeus Hanssen.

Moraeus Hanssen joins DEA at a time where both the company and the oil and gas industry are facing significant changes. The changing energy markets are leading to structural changes, and early in December DEA's owners LetterOne and BASF signed a Letter of Intent to merge DEA and Wintershall, creating a stronger Germany-based independent oil and gas company. Discussions towards a final agreement are ongoing. She underlines that the most important task for DEA is to continue running its production and projects in a way that creates value.

DEA's new CEO expresses her pride of being part of the oil and gas industry, but acknowledges that the industry faces changes: 'DEA's most important asset is the competency of our employees, that will be of great importance also in a merged company. Over the years, DEA's employees have shown an impressive ability to get the most out of the asset portfolio. By continuing and further developing these efforts, DEA will be able to adapt to a world with a more diversified energy market.'

Moraeus Hanssen: 'It is not immoral to explore, develop and produce oil and gas. It is difficult and challenging, and for many, many years, oil and gas will still be a prerequisite for keeping the society going. Oil and gas companies' biggest challenge is still not declining demand, but how to find more oil and gas to compensate for the natural decline from existing fields.'

'We need to explore, develop and produce at lower costs, increased efficiency and with less impact on climate and environment. The oil and gas industry needs to take an active role in the ongoing energy transition. Digitalization and increased focus on technology throughout the business will be some of the levers to help us on this way', she says.