The acquisition of 100% of the shares of E.ON E&P Norge by DEA Norge has been completed on the 16 December, 2015. With the deal, DEA Deutsche Erdoel AG enhances 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.
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| Image from DEA Norge. |
The acquisition will increase DEA’s total production in Norway to 75,000 boe/d. The deal includes 43 licenses in the North Sea, the Norwegian Sea and the Barents Sea.
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.
For DEA Deutsche Erdoel AG the acquisition of E.ON E&P Norge is a first step to accelerate its growth strategy in core countries by adding appropriate valuable assets to the portfolio. DEA Norge now holds 72 licenses, 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.
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