12 October 2015
Sale of UK assets to INEOS
DEA Deutsche Erdoel AG confirms the sale of its UK oil and gas assets to INEOS. Both companies have reached an agreement for the sale DEA’s UK activities.
The transaction comprises more than 30 licences on the UK Continental Shelf, including operatorship of the Breagh, Clipper South, Cavendish, Windermere and Topaz gas fields. In addition, DEA UK has been partner in nine producing gas fields in the British North Sea.
DEA’s UK business goes back to the year 2002, when UK gas producer Highland Energy Holdings Ltd. was acquired. In the early years, DEA concentrated on its licences in the UK sector of the Southern North Sea. Later, DEA also developed a portfolio with licenses in the Central and Northern North Sea.
The final closing of the transaction is subject to approval by the relevant UK and EU regulatory bodies.
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