Published On: Thu, Oct 15th, 2015

Mikhail Fridman’s LetterOne Buys North Sea Fields From EON

Russian billionaire Mikhail Fridman

Russian billionaire Mikhail Fridman’s LetterOne, through its Dea subsidiary, has taken a step forward to build a portfolio of attractive oil assets after the collapse in oil prices.

LetterOne Group beat off competition to acquire German Eon’s interests in three producing North Sea fields for $1.6 billion.

The deal, subject to approval by the Norwegian authorities and the European Commission, will double its production capacity in Norway to 75, 000 barrels of oil equivalent a day.

Earlier this week Chemicals producer Ineos Group AG agreed to buy dozen gasfields in British North Sea from DEA Deutsche Erdoel AG, a subsidiary of LetterOne. The deal is estimated to be worth $750 million, the Sunday Times reported. Terms were not disclosed by the companies.

UK government forced Mr Fridman to exit British North Sea, citing the potential for U.S. or European sanctions to be filed against Mr. Fridman in the future over Russia’s involvement in Ukraine.

Mikhail Fridman and his Russian partner German Khan set up LetterOne in 2013 after the sale of Moscow-based TNK-BP, the Russian oil-production BP Plc for $14 billion.

 

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