16 December 2015
DEA more than doubles production in Norway
- Acquisition of E.ON E&P Norge AS completed
- Approval by European Commission and Norwegian authorities
- Significant increase of market share on Norwegian Continental Shelf
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, 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.
Head of Corporate Communications
T +49 40 6375 2511
M +49 162 273 2511
Head of External Communications
T +49 40 6375 2877
M +49 162 273 2877
DEA Deutsche Erdoel AG is an international operator in the field of exploration and production of crude oil and natural gas based in Hamburg. Its focus is on safe, sustainable and environmental conscious exploitation of oil and gas. DEA has 116 years of experience working along the whole upstream value-chain as operator or project partner. With a staff force of 1,400 employees DEA has stakes in production facilities and concessions in, among others, Germany, Norway, Denmark, Egypt and Algeria. Moreover, in Germany, DEA also operates large subsurface storage facilities for natural gas.