DEA to buy E.On E&P Norway for $1.6 billion

DEA Deutsche Erdoel AG, Hamburg, said it is acquiring E.On E&P Norway and its interests in 43 licenses on the Norwegian Continental Shelf for $1.6 billion. The deal includes three producing fields.

DEA Norge AS will add 45,000 boe/d through working interests in Skarv, 28.1%; Njord, 30%; and Hyme, 17.5%.

It will also acquire interests in other developments and discoveries, including Snilehorn, Snadd, and Fogelberg, and a broad portfolio of exploration licenses, the company said.

The transaction is subject to approval by Norwegian authorities and the European Commission.

DEA Norge has 31 licenses, including interests in producing fields such as Snorre, Gjoa, Knarr, Snohvit, and Veslefrikk. It serves as operator of Zidane field, currently being considered for development, and is a partner in the Alta discovery (OGJ Online, Sept. 30, 2015).

DEA said its Norwegian production is expected to be more than double with the acquisition.

The announcement comes just days after DEA reported reaching an agreement for the sale of its offshore UK interests to Ineos (OGJ Online, Oct. 12, 2015).

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