HAMBURG, Germany ̶ DEA Deutsche Erdoel has acquired E.ON’s Norwegian oil and gas business for $1.6 billion, in the process more than doubling its current production offshore Norway to 75,000 boe/d.
The transaction remains subject to approval by Norwegian authorities and the European Commission.
DEA will also gain interests in prospective developments and discoveries, including Snilehorn, Snadd and Fogelberg, and numerous exploration licenses across the Norwegian continental shelf.
Lord Browne, chairman of the Supervisory Board of DEA Deutsche Erdoel, said: “This acquisition is the first step in DEA’s new growth strategy. DEA has access to substantial financial resources, and I expect the company to make further investments in the Norwegian continental shelf, as well as in its other core areas.”
CEO Thomas Rappuhn added: “In addition, we continue to work on further growth in Europe and North Africa by progressing development projects in our portfolio, as well as by pursuing M&A opportunities in these regions.”
DEA Norge currently holds 31 licenses, with interests in producing fields such as Snorre, Gjøa, Knarr, Snøhvit, and Veslefrikk. It also operates several exploration licenses and the Zidane discovery which is under consideration for a development, and is a partner to OMV in the Alta discovery in the Barents Sea.
Share your news with Offshore at firstname.lastname@example.org