The acquisition of 100% of the shares of E.ON E&P Norge AS by DEA Norge AS has been completed on the 16th of December. 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.
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 licences in the North Sea, the Norwegian Sea and the Barents Sea.
Thomas Rappuhn, CEO of DEA Deutsche Erdoel AG comments on the transaction as follows: “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.
For DEA Deutsche Erdoel AG the acquisition of E.ON E&P Norge AS 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 licences, including the company’s existing working interests in producing fields such as Snorre, Gjoa, Knarr and Snohvit. 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.
