Germany's VNG Buys Norway's Endeavor Energy in $150 million deal

摘要

German gas company VNG has bought Endeavour Energy Norge (EEN) for about $150 million to get access to gas resources on the Norwegian continental shelf, VNG announced. The completion of the deal is subject to approval by German and Norwegian energy, finance and cartel authorities, according to VNG. With the strategic purchase of ENN, the German gas importer aims to source 10% of its gas procurement from its own production by 2020, VNG board member Klaus-Dieter Barbknecht said. ENN owns 21oil and gas production licences on the Norwegian continental shelf, allowing VNG to venture into gas upstream activities.