Though low oil prices are expected to drag on revenues, German energy company Wintershall said it plans to ramp up output by 40 percent by 2018.
Though operations in oil-rich Libya were interrupted by war, the company said production in Russia, Norway and elsewhere led to production of 136 million barrels of oil equivalent last year. By 2018, production should increase to 190 million boe.
"Wintershall will invest at least $4 billion in expanding its oil and gas activities during the next five years," Chairman Rainer Seele said in a Thursday statement. "The strategy remains the same [despite low oil prices]: we want to achieve more profitable growth at the source and continue our focused diversification."
Seele said the company plans to start work that would lead to an increase in production as early as this year.
Oil prices are down about 50 percent from their June 2014 levels, forcing most energy companies to eliminate staff and spend less on exploration and production.
Wintershall in January won eight exploration licenses, serving as the operator at three, during an auction held by the Norwegian Ministry of Petroleum and Energy. With 50 licenses already in its books, the German oil and gas company is among the largest stakeholders in Norway.
The company said in its statement Thursday reserves off the coast of Norway were important for the European energy sector.
"Norway is a core region for future growth for Wintershall," it said.
