DEA Increases Njord Area Stakes

Hamburg-based DEA, owned by Russian-run fund LetterOne, said December 23 it is to acquire stakes in seven Norwegian Sea licences from Engie E&P effective January 1 2017.

The package includes: an extra 20% in the Njord field (PL107 and PL132); 10% in the Hyme field (PL348); 10% in the Snilehorn discovery (PL348B); 15% in the Noatun discovery (PL107B and PL107D); and 20% in the North Flank discovery (PL107C).

DEA CEO Thomas Rappuhn said the acquisition marks “another milestone in our strategy which is structured in organic growth.” DEA Norway chief Hans-Hermann Andreae said that the acquisition adds about 45mn barrels oil equivalent in reserves and contingent resources to DEA.

Map of DEA's Njord area licences offshore Norway (Map credit: the company)

After the transaction which is subject to government approvals, DEA’s shares in the licences will be 50% in Njord, 27.5% in Hyme and Snilehorn, 45% and 20% respectively in PL 107B and PL 107D (Noatun), and 50% in North Flank.

Two days earlier, DEA and the Norwegian state each picked up an extra 5% interest in the Dvalin gas development offshore Norway from EDF's Italian upstream subsidiary Edison as it sold half its stake, following their October purchases each of 10% from Maersk, as it quit the project completely.

Mark Smedley