HAMBURG, Germany – DEA Norge AS has completed the acquisition of E.ON E&P Norge AS.
With the deal, DEA Deutsche Erdoel AG says it has enhanced its presence in Norway and its long-term commitment to the country’s oil and gas industry. The Norwegian Ministry of Petroleum and Energy and the Ministry of Finance, as well as the EU competition authority, have approved the transaction.
E.ON E&P Norge has become a subsidiary of DEA Norge and renamed DEA E&P Norge. In line with the requirements of Norwegian authorities the companies are to be consolidated by the end of 2016, and DEA will now start the process of integrating the two companies.
Thomas Rappuhn, CEO of DEA Deutsche Erdoel AG said: “DEA’s growth strategy has gained momentum with this acquisition. We are now looking for further growth by pursuing M&A opportunities, exploration, and the continuation of field development projects.”
DEA Norge now holds 72 licenses, including its existing working interests in producing fields such as Snorre, Gjøa, Knarr, and Snøhvit. The deal adds equity interests in producing oil and gas fields, namely Skarv (28.1%), Njord (30%), and Hyme (17.5%) as well as additional developments and discoveries, including Snilehorn, Snadd, and Fogelberg.
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