DEA Deutsche Erdoel AG acquires 100% of the shares of E.ON’s Norwegian oil and gas business to create an enlarged Norwegian portfolio more than doubling its current production in Norway to 75,000 barrels of oil equivalent per day (boe/d). This acquisition also provides access to promising growth options through material development and exploration. The value of the transaction is US$1.6 billion, including US$100 million of cash on the balance sheet as at the effective date of January 1st 2015. The transaction is subject to approval by Norwegian authorities and the European Commission.

The deal comprises equity interests in 43 licences, and adds production of circa 45,000 boe/d through working interests in three producing oil and gas fields, namely Skarv (28.1%), Njord (30%) and Hyme (17.5%). The portfolio is well balanced in terms of oil and gas composition and has a full-cycle asset base. DEA will also acquire interests in additional developments and discoveries, including Snilehorn, Snadd and Fogelberg, as well as a broad portfolio of exploration licences on the Norwegian Continental Shelf.

Tags: DEA Deutsche Erdoel AG, E.ON