DEA builds Norwegian asset base, buys new licenses from Engie
- Business & Finance
DEA has acquired participating interest in seven licenses in the Njord area in the Norwegian Sea, including 20% increased interest in the Njord field, from Engie E&P Norge.
DEA said on Friday that the agreement with Engie E&P Norge includes: 20% in the Njord field (PL107 and PL132), 10% in the Hyme field (PL348), 10% in the Snilehorn discovery (PL348B), 15% in the Noatun discovery (PL107B and PL107D), and 20% in the North Flank discovery (PL107C).
Hans-Hermann Andreae, Managing Director of DEA Norge, said: “All together the acquisition adds approximately 45 million barrels o.e (mmboe) in reserves and contingent resources to DEA. This acquisition has attractive economics and establishes DEA as one of the major players in the area and confirms our commitment to growth in Norway.”
The company noted that the Njord Area is one of the key areas for DEA in Norway.
“These new additions to our portfolio further builds on a strong and diversified asset base in Norway. It is another milestone in our strategy which is structured in organic growth as well as M&A activities,” said Thomas Rappuhn, CEO of DEA Group.
The transaction between DEA Norge and Engie E&P Norge will be effective from January 1, 2017. The agreement is subject to governmental approval.
After the transaction, DEA’s shares in the licenses will be: PL 107 AND PL 132 (Njord) 50%; PL 348 (Hyme) 27.5%; PL 348B (Snilehorn) 27.5%; PL 107B and PL 107D (Noatun) 45% and 20%; and PL 107C (North Flank) 50%.