In March 2014, RWE AG agreed to sell its upstream exploration and production portion of the group to LetterOne (L1). The deal valued the upstream business unit at US$7.1 billion and concluded in early 2015, and is now known simply as DEA. The company's exploration strategy includes a mix of near field drilling and frontier activity. In Europe, the company targets areas with existing infrastructure in Norway, onshore Germany, and Denmark. It aggressively built it's portfolio in Norway through 2006-2015, giving it a large inventory of prospects to target, both in the mature sectors of the North Sea and the more frontier Mid-Norway and Barents Sea plays. Its priority in the region is to bring new discoveries onstream quickly.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Oct 2016
DEA oil and gas exploration summary
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