Germany's DEA buying E.ON Norway oil and gas business for $1.6B

The Associated Press

German-based oil and gas firm DEA Deutsche Erdoel AG says it plans to buy utility E.ON's Norwegian oil and gas business in a deal worth $1.6 billion.

BERLIN (AP) — German-based oil and gas firm DEA Deutsche Erdoel AG says it plans to buy utility E.ON's Norwegian oil and gas business in a deal worth $1.6 billion.

DEA, a former unit of energy company RWE that now belongs to an international investment arm of Russian billionaire Mikhail Fridman's Alfa Group, said Wednesday that the deal will more than double its current production in Norway. It is subject to approval by Norwegian authorities and the European Commission.

DEA supervisory board chairman Lord Browne said the planned acquisition is the first step in the company's new growth strategy. He said that it "has access to substantial financial resources" and he expects it to make more investments in the Norwegian continental shelf and other core areas.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs