DEA Deutsche Erdoel has completed its $1.6bn acquisition of E.ON E&P Norge and its interests in 43 licences in the North Sea, the Norwegian Sea and Barents Sea.
The company secured approval from the Norwegian Ministry of Petroleum and Energy and the Ministry of Finance, as well as the EU competition authority to complete the deal.
The acquisition will allow DEA Deutsche to expand its footprint in Norway and also provides access to growth options for material development and exploration.
Following the takeover of E.ON E&P Norge, DEA will increase its total production in Norway to 75,000 barrels of oil equivalent per day (boe/d).
DEA Deutsche Erdoel CEO Thomas Rappuhn said: "DEA’s growth strategy has gained momentum with this acquisition.
"We are now looking for further growth by pursuing M&A opportunities, exploration and the continuation of field development projects."
E.ON E&P Norge has become DEA Norge’s subsidiary and renamed DEA E&P Norge after completion of the deal.
By 2016-end, the companies would be consolidated and accordingly DEA will begin the integration process.
DEA Norge will now have 72 licences, including the company’s existing working interests in Snorre, Gjøa, Knarr and Snøhvit fields.
The company also acquired interests in Skarv (28.1%), Njord (30%) and Hyme (17.5%) oil and gas fields and additional developments and discoveries, including Snilehorn, Snadd and Fogelberg.
DEA has been present in Norway for more than 40 years through its subsidiary DEA Norge.
Image: The acquisition will allow DEA to expand its footprint in Norway. Photo: courtesy of DEA Deutsche Erdoel AG.