Germany (Dow Jones)--German upstream oil and gas company Wintershall AG's Chief Executive Rainer Seele said Thursday the company is in talks with Gazprom OAO (GAZP.RS) over possible joint gas projects on the Yamal Peninsula .

"There's no doubt that [the reserves on] Yamal bear great potential for the supply of Europe ," Seele told reporters at Winterhall's annual press conference.

He added, however, that the exploration of the Yamal Peninsula for gas production would likely take a long time due to the lack of necessary infrastructure.

Seele said that the talks between his company and Gazprom on Yamal are at "a very early stage".

He added that Wintershall's focus is firmly set on existing joint projects with Gazprom.

Wintershall has a 35% economic interest in Gazprom's giant Yuzhno Russkoye gas field in western Siberia . The companies are also jointly developing the Achimgaz project in western Siberia .
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