E.ON to sell North Sea, Algeria assets

UK

DüSSELDORF, June 24, 2015 – International energy supply company E.ON will reportedly put its North Sea and Algerian assets up for sale within weeks.

Citing sources in the banking industry, Reuters said the German-headquartered company aims to raise $2 billion with the asset sale, part of a restructuring plan.

E.ON has numerous North Sea assets, and holds a 49-percent stake in Algeria’s Rhourde Yacoub concession.

Bank of America Merrill Lynch will arrange an auction for the assets, the report said.

The company has stated that its North Sea upstream operations are under review, but did not comment on the reported sale.

Operations in the North Sea account for the majority of E.ON’s upstream revenues.

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