L1 Energy's ambition is to build a, safe, sustainably growing energy, group, which is recognised as a partner of choice in its industry.

Creating Europe’s Largest Independent Oil and Gas Company

In May 2019, L1 Energy and BASF completed the merger of their oil and gas businesses to create Wintershall Dea. All necessary regulatory approvals were received from nine countries, including Germany, Norway, the United Kingdom and Russia.

This merger, the largest in the oil and gas sector for a decade, created a new oil and gas company - Wintershall Dea - which is the world’s largest privately held energy company.

L1 Energy now holds 33% of Wintershall Dea. The company’s Supervisory Board is chaired on a rotating basis and Lord Browne is currently Non-Executive Chairman on behalf of L1 Energy.

Wintershall Dea has activity spanning 13 countries across Northern Europe, Russia, Middle East / North Africa, and Latin America. In addition to operating a number of key assets, the group is a partner in a number of long-term joint venture arrangements with the world’s leading oil and gas companies.

Wintershall Dea has a significant number of development projects that are due to come on-stream in 2020 and 2021, including six major development projects in Norway and one in Russia.

Lord Browne of Madingley

"In 2019 we completed a merger to create Wintershall Dea, the largest independent E&P company in Europe."

Lord Browne of MadingleyExecutive Chairman of L1 Energy

L1 Energy team

The L1 Energy Team is responsible for sourcing, screening and presenting investment opportunities for approval by the L1 Holdings Board as well as the strategy and operational performance of the oil and gas investment portfolio.

Lord Browne of Madingley

Lord Browne of Madingley

Executive Chairman, L1 Energy

Dmitry Avdeev

Dmitry Avdeev

Partner

Francis Sommer

Francis Sommer

Partner