2009-08-19-2007-09-01-2007-09-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$893.0MM
Description

WI

E.On, Düsseldorf, Germany, (NYSE: EON) has acquired a 28% stake in two Norwegian gas fields from Royal Dutch Shell, The Hague, The Netherlands, (NYSE:RDS-A) for US$893 million. Skarv and Idun fields are in the northern Norwegian Sea just below the polar circle. Gas production will begin in 2011. Gross reserves are 65.6 million cubic meters of oil equivalent (48.3 billion cubic meters gas). E.On chief executive Wulf H. Bernotat says, "The acquisition of Skarv-Idun is a major move in achieving our objective to generate at least 10 billion cubic meters of natural gas from our own sources annually. This stake is a vital, but not the last, step in implementing our upstream gas strategy." E.On mainly buys gas from producers in Germany, Norway, Russia, the Netherlands, Denmark and Great Britain currently. Gas produced by E.On is supplied from equity held in fields in the U.K. North Sea and in the Norwegian Sea.