DEA Norge completes acquisition of E.ON’s Norwegian oil and gas fieds
Germany’s DEA Deutsche Erdoel AG has , through its Norwegian subsidiary DEA Norge AS, completed the acquisition of E.ON E&P Norge AS, thus expanding its presence in Norway’s oil and gas industry.
According to the company, the Norwegian Ministry of Petroleum and Energy and the Ministry of Finance, as well as the EU competition authority, have approved the transaction.
The acquisition will increase DEA’s total production in Norway to 75,000 barrels of oil equivalent per day (boe/d). The deal includes 43 licenses in the North Sea, the Norwegian Sea and the Barents Sea.
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.”
With the closing of the acquisition, 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.
DEA Norge now holds 74 licences, including the company’s 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.