E.On sells Norwegian oil & gas E&P business

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
E.On sells Norwegian oil & gas E&P business

E.ON has signed an agreement to sell 100 percent of its shares in E.ON E&P Norge AS to DEA Deutsche Erdoel AG.

The transaction value is US$1.6 billion, including $0.1 billion of cash on the balance sheet as at the effective date of January 1st 2015.

E.ON placed its North Sea E&P business under strategic review in November 2014. E.ON E&P Norge holds the Norwegian portfolio of E.ON’s oil and gas North Sea upstream business, comprising equity interests in 43 licenses including a 28 percent interest in Skarv and a 30 percent interest in Njord.

The divestment of E.ON E&P Norge represents a significant step forward in this review process. E.ON’s UK E&P business remains under strategic review and E.ON will provide an update in due course.

E.ON CFO Michael Sen commented:

“The successful sale of our E&P business in Norway is a landmark transaction in the sector; as an important step in our overall financial framework it provides flexibility to implement our strategy and reposition the Group. The outcome demonstrates that E.ON E&P is a high performing business with a strong asset base and superbly professional employees. DEA has a long history in Norway, and I am convinced that they will continue to build on this success story in the future. I want to thank all E.ON E&P Norge employees for the excellent work they have done as part of E.ON. We will work closely with the new owner to ensure the course for the future of the business.”

The transaction is subject to customary regulatory approvals.

List of country news

Country news

  • August 28, 2014

    Riverstone, Temasek and BNRI invest in E&P company Origo Exploration

    Riverstone Holdings has announced that it will be one of three cornerstone investors in new Norway and UK-focused exploration and production (E&P) company Origo Exploration AS. Read more
  • September 16, 2014

    BASF subsidiary Wintershall acquires oil and gas assets in Norway

    BASF Group company Wintershall is further expanding its oil and gas production and reserves in the North Sea, Norway. Read more
  • October 15, 2014

    Norway approves subsea cable interconnectors

    Norwegian Ministry of Petroleum and Energy has granted Statnett licences to construct interconnectors to Germany and the UK. Read more
  • October 22, 2014

    Statoil announces oil discovery in the North Sea

    Norway's Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea located 185 km west of the city of Haugesund on the western coast of Norway. Read more
  • October 27, 2014

    Statoil appoints new VP Investors relations

    Statoil has announced that Peter Hutton has been appointed senior vice president CFO investor relations and will report to chief financial officer Torgrim Reitan. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.