E.ON to sell North Sea assets to DEA

Norway

OSLO, October 14, 2015 – E.ON has signed a deal to sell its upstream business in the Norwegian North Sea to DEA Deutsche Erdoel for $1.6 billion.

The assets include interests in 43 licences, a 28-percent stake in BP’s Skarv field and a 30-percent share in Statoil’s Njord field.

The German utility said in a statement that its UK North Sea exploration and production portfolio is also under strategic review.

DEA Deutsche Erdoel is owned by Russian billionaire Mikhail Fridman’s LetterOne investment fund.

On Monday, LetterOne announced the sale of 12 North Sea gasfields to chemicals group Ineos. The $750-million sale was forced by the UK government due to concerns that sanctions against Russia could disrupt supply from the fields, which provide as much as 8 percent of the UK’s natural gas.

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