The deal comes in line with Luxembourg-based global investment firm’s effort to acquire oil and gas assets in northern Europe, North America and Mexico in a bid to offset the sale of British North Sea oil and gas portfolio, reported The Telegraph.
In April, the UK Government forced LetterOne to sell its British North Sea petroleum licenses by October as a result of sanctions imposed on Russia by the US and European Union over Ukraine crises.
The licenses, which include 11 oil and gas fields, including a 70% stake in the Breagh field, were acquired by LetterOne for €5bn, as part of deal from RWE Dea earlier this year.
Reuters cited several sources as saying last month that LetterOne, however, requested the government to extend the deadline as it secured first round of offers much earlier than initial target.
The sale of Norwegian assets is a part of E.ON’s broader restructuring strategy, which involves divestment of $2bn worth of oil and gas assets in Norway, the British North Sea and Algeria.
Several other firms also placed their bids for the assets several weeks ago, according to sources.
E.ON currently holds 30% stake in the Njord field, 28.1% interest in the Skarv field and 17.5% stake in the Hyme field.
The firm is also considering selling its businesses in Spain, Portugal and Italy
Image: E.on plans to dives $2bn worth of oil and gas assets as part of its broad restructuring plan. Photo: courtesy of num_skyman/ FreeDigitalPhotos.net.
