OSLO: Russian billionaire Mikhail Fridman has taken a step towards realising his ambitions of building a global energy business, spending $1.6bn on stakes in big Norwegian oil and gasfields.
His LetterOne Group, through its Dea subsidiary, beat off competition to acquire German utility Eon’s interests in three producing North Sea fields, Skarv, Njord and Hyme, writes Christopher Adams, Energy Editor.
This acquisition is the first step in Dea’s new growth strategy. Dea has access to substantial financial resources, and I expect the company to make further investments in the Norwegian continental shelf, as well as in its other core areas,” said Lord Browne, the former BP chief executive hired by Mr Fridman to run LetterOne’s energy business.
In a statement announcing the sale of its Norwegian exploration and production (E&P) business, Eon said its UK E&P unit “remains under strategic review”.
