In December 2017, BASF and LetterOne announced their plans to merge their respective oil and gas businesses in a joint venture through a letter of intent. This analysis covers DEA’s exploration performance between 2008-2017, excluding Wintershall. The company's exploration strategy includes a mix of near field drilling and higher risk/reward activity across its core countries (Norway, Germany, Denmark, Egypt and Algeria) and growth countries (Brazil and Mexico). In Europe, the company targets areas with existing infrastructure in Norway, onshore Germany, and Denmark. It aggressively built its portfolio in Norway through the study period, giving it a large inventory of prospects to target. DEA has identified Mexico and Brazil as countries where it can create long-term value through both organic exploration and selective M&A deals. The company is looking build a portfolio of attractive exploration, development and production assets in both countries.