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Russia’s Fridman spends $1.6bn on Norwegian oil and gas fields

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Russia’s Fridman spends $1.6bn on Norwegian oil and gas fields

Post by Admin on Wed Oct 14, 2015 5:53 pm

Russian billionaire Mikhail Fridman has taken a step towards his goal of building a global energy business with a $1.6bn deal to buy stakes in several Norwegian oil and gas fields.

His LetterOne Group, through its Dea subsidiary, beat off competition to acquire German utility Eon’s interests in three producing North Sea fields.

The transaction, announced on Wednesday, forms part of LetterOne’s strategy to seek out attractive assets after the collapse in crude prices. It also follows an exit from the British North Sea, where the UK government forced Mr Fridman to dispose of a dozen gasfields.....................

To read further go to this link: ft.com

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