Ruhrgas Acquires Interest in Norwegian Gas Field

E.ON subsidiary Ruhrgas is acquiring a 15 percent interest in Njord Field in the North Sea, from ConocoPhillips. This commitment to natural gas production is in line with the investment pledge made by E.ON as part of the ministerial approval process for the Ruhrgas acquisition.

Njord Feld contains reserves totaling well up to 10 billion cubic meters of natural gas and 51 million barrels of oil. Gas extraction is due to begin within two to three years. Ruhrgas will then have approximately 300 million cubic meters of natural gas annually from this field. Oil production had already commenced in 1997. Ruhrgas will sell its portion of the oil on the wholesale market.

The purchase is still subject to approval by the Norwegian authorities. It is to take effect retroactively to January 1, 2003. It was agreed not to disclose the purchase price. Further shareholders in the field are Norsk Hydro, Gaz de France and Mobil each with 20 percent as well as Paladin, Petoro and OER Oil with smaller stakes. In addition to the new production licenses in Norway, Ruhrgas already holds interests in natural gas and oil deposits in the British North Sea.