German chemical giant BASF and Russian investment vehicle LetterOne have agreed to merge their respective German- headquartered oil and gas businesses, Wintershall and DEA, the two firms announced on 28 September.

“Wintershall DEA will be the largest independent European exploration and production company, with activity in twelve countries across Europe, Latin America, North Africa and the Middle East,” DEA says.

Wintershall’s approximately 45,000 b/d net Middle East...