CapEx and Future Plans
RWE Dea AG plans to double its hydrocarbon production over the next six years to amount to 13 – 14 million cubic meters of oil equivalent (OE) by the year 2013. In the process, the share of gas production is to rise sharply, while oil production is to be maintained at least at the same level. To be able to achieve these ambitious goals, RWE Dea will need to boost their capital spending on development activities to about 800 million euros per annum over the next five years.
For exploration activities, RWE Dea plan to spend a further 200 million euros per annum. The company will drill 73 wells in 2007. This high level of activity will be maintained in the years to come.
The increase in the production volume is to be achieved by active field development of the proven resources. Northern and eastern Europe/CIS, central and western Europe as well as North Africa and the Middle East remain the core regions of RWE Dea.
In the United Kingdom, natural gas production in the North Sea has been continually boosted to a current level of 3.8 million cubic metres of gas per day. A substantial increase was recently achieved following the start of production from the Cavendish natural gas field. The initial production volume from the first well is 1.6 million cubic metres of gas per day. RWE Dea UK is targeting an annual production level of 1.5 billion cubic metres oil equivalent.