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DEA expands with $1.6bn Norway deal

Hamburg-based DEA, said on 14 October it will pay $1.6bn to German utility E.ON for its Norwegian upstream business

Three days earlier, DEA agreed to divest its UK upstream subsidiary to chemicals producer and UK shale gas explorer Ineos for some $750m, just ahead of a deadline set six months ago by the UK government. DEA's Norwegian acquisition from E.ON will add 45,000 barrels of oil equivalent/day (boe/d) through minority stakes in three fields: Skarv (28%), Njord (30%) and Hyme (17.5%) - balanced between oil and gas - plus stakes in the Snilehorn, Snadd and Fogelberg discoveries. In all, DEA will acquire equity in 43 licenses from E.ON, plus $100m cash on the balance sheet as of 1 January 2015. The deal will more than double its Norwegian equity production to 75,000 boe/d, as DEA already has stakes i

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