Wintershall is planning its forward business around $55 oil, the chief executive said.
However, Mario Mehren warned not all of the industry’s storm clouds had passed, stating he was “cautiously optimistic”.
“The storm of the last year is not over,” he said.
“We are watching the storm clouds but keeping our eyes firmly on the horizon.”
The operator achieved record production and managed to hang on its profit.
The firm is planning to invest EUR 4.4billion in the next five four years. Its specially targeting its operations in Russia, Norway and Argentina.
Mehren said: “Our plan for the year 2017 is based on an average oil price for Brent of $55 and and an exchange rate of $1.05 per EUR.
“The gas prices in northwest Europe are likely to hover above the level in 2016.
“Wintershall expects a significant rise in sales and EBIT before special items.”
Wintershall’s strategy falls in line with BP’s. Its chief executive, Bob Dudley, was the first to say his company was building its business case for the year around $55. The company leader said the worst was over for his company.
However, Mehren stopped short of calling full recovery in 2017 saying he was “cautiously optimistic” but focused on the reality of a volatile market.
He added: “We have solid foundations for profitable growth with our reserves basis. We will continue to consolidate and build on these.”
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