Under the terms of the deal, E.ON will divest 100% stake in E.ON E&P Norge, which holds the Norwegian portfolio of its oil and gas North Sea upstream business.
E.ON E&P Norge, which has been placed under strategic review by E.ON in November 2014, has stakes in 43 licenses including 28.1% interest in Skarv field, 30% stake in Njord field and 17.5% stake in Hyme field.
As per the deal, DEA will also purchase stakes in additional developments and discoveries, including Snilehorn, Snadd and Fogelberg, as well as portfolio of exploration licenses on the Norwegian Continental Shelf.
E.ON CFO Michael Sen said: "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.
"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.
DEA said that the acquisition is expected to more than double its Norwegian portfolio from its current production to 75,000 barrels of oil equivalent per day (boe/d).
DEA CEO Thomas Rappuhn said: "This acquisition in Norway is a perfect fit to our renewed business strategy.
"It will grow our reserves, significantly increase our production and add growth optionality to our portfolio.
"In addition, we continue to work on further growth in Europe and North Africa by progressing development projects in our portfolio, as well as by pursuing M&A opportunities in these regions."
Recently, LetterOne Group has agreed to sell natural gas assets located in the UK North Sea to Ineos for about $750m, in compliance with the UK Government’s order placed in April as a result of sanctions imposed by the US and European Union on Russia over Ukraine crises.
Image: The Njord A platform in the Norwegian Sea. Photo: courtesy of Øyvind Nesvåg/ Statoil.
