News

  • LetterOne and BASF sign Letter of Intent to merge their oil and gas businesses

    07 December 2017

    BASF and L1 Energy, the energy investment arm of LetterOne, announce their intention to merge their oil and gas subsidiaries

  • DEA Deutsche Erdoel AG becomes operator in Mexico

    05 October 2017

    German E&P company acquires 50% licence share in producing oil field

    Deutsche Erdoel AG acquires a 50 percent licence share and operatorship of the onshore oil field Ogarrio in the Tabasco State of Mexico. The licence share was offered in the latest farm-out auction of the National Hydrocarbons Commission (CNH). Pemex will be licence partner, holding the remaining 50 percent. Current gross production is about 12,500 barrels of oil equivalent per day, with significant upside potential.

  • DEA announces appointment of Maria Moraeus Hanssen as Chief Executive Officer

    06 September 2017

    DEA Deutsche Erdoel AG, the international oil and gas company wholly owned by LetterOne, today announces the appointment of Maria Moraeus Hanssen as its new CEO and Chairman of the Management Board. The appointment is expected to take effect in January 2018, when Hanssen will succeed Thomas Rappuhn, who is handing over after 30 years at the company, including 12 years on the Executive Board and 8 years as CEO.