Mikhail Fridman will invest $ 2 billion in Norwegian oil production

DEA Group was interested in the development of the Dvalin field.
Origin source
The international oil and gas company DEA Group, headquartered in Hamburg, will invest more than € 2 billion in projects in Norway, including the development of the Dvalin gas field. Also, the structure controlled by L1 Energy co-owners Alfa Group, headed by Mikhail Fridman, intends to double production on the Norwegian Continental Shelf, the company said.

"DEA has a significant and balanced portfolio of [projects] in all areas of the shelf. Now we are concentrating on the [discovered in 2010 gas field] Dvalin, the operator of which we are ourselves. The production, according to plans, will start in 2020. This project takes a large part of the investment, "- said the head of the company Maria Hanssen.

"However, having a 50% stake, we are the main shareholder in the development of the [oil and gas field] Njord. Together with the operator, Equinor, we are working on improving existing plants and are planning to further develop and integrate the Bauge Field, "she added.

Also, she said, the company, in partnership with others, is developing the Nova field in the northern part of the Norwegian Sea, production at this site will begin in 2021.

When all these projects are launched, the company's production volume in Norway will double, Hanssen said.

According to the company, DEA operates on the continental shelf of Norway for more than 45 years, the total volume of production is about 55 thousand BNE per day.

DEA belonged to the German energy company RWE, she put it on sale in 2013. Wintershall, L1 Energy and the KKR and Kufpec consortium are interested in buying. In 2014, Friedman's structure acquired a company whose value was estimated at more than € 5 billion.

Mikhail Fridman took the eighth place in the rating of 200 richest businessmen of Russia according to Forbes. The publication estimated its condition this year at $ 15.1 billion. During 2013-2016, Fridman took the second place in this rating.