LetterOne in Advanced Talks to Acquire Assets in Norwegian North Sea from E.ON

LetterOne, the international investment vehicle based in Luxembourg and controlled by Russian Businessman Mikhail Fridman, is in advanced talks to acquire assets in the Norwegian North Sea. 

According to Financial Times, LetterOne could buy stakes in big oil and gas fields from Germany’s E.ON for a deal of at least 1 billion dollar.

The German company repeated several times it hopes to fetch up to $2 billion from the sale of its assets in Norway, UK and Algeria. 

Several newspapers wrote that the move could indicate that the company also wants to buy assets in North America and Mexico in order to become a global oil and gas group.

The acquisition of these assets would offset the sale of its UK North Sea gasfields, which was ordered to dispose of its assets by the British government in April.