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DEA Deutsche Erdoel AG
German upstream
company turns into platform for growth
Lord Browne appointed head of DEA’s supervisory board
March 03, 2015 + + + After the acquisition by
LetterOne, the Hamburg based upstream company RWE Dea has a new owner, a
new supervisory board and gets a new name. LetterOne is a privately owned
Luxembourg-based global investment vehicle focused on utilizing its
financial resources, management and investment expertise. At the
first general meeting of shareholders a new supervisory board was
appointed. Chairman of the DEA Supervisory Board is Lord John Browne, who
recently has been appointed Executive Chairman of LetterOne Energy and who
was Chief Executive of the BP plc, the British energy group from 1995
until 2007.
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Left: Chairman of the DEA Supervisory
Board is Lord John Browne, who recently has been appointed
Executive Chairman of LetterOne Energy and who was Chief Executive
of the BP plc, the British energy group from 1995 until 2007.
Right: CEO of DEA is Thomas Rappuhn, who has been responsible
for the running of the company since 2010
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“In DEA, we have acquired a company with long
history of technical and managerial excellence, a track record of
imaginative thinking, an international outlook, and great potential,“ said
Lord Browne, the new Chairman of the DEA Supervisory Board. “DEA fits
perfectly into our investment strategy.”
Members of the supervisory
board are among others Mikhail Fridman who is Chairman of the Board of
Directors of LetterOne Holdings S.A. and German Khan, one of the original
founders of LetterOne Holdings S.A.
CEO of DEA is Thomas Rappuhn,
who has been responsible for the running of the company since 2010. As the
Chief Operating Officer, Dirk Warzecha is responsible for the operative
activities. Chief Financial Officer is Dr Johannes Karlisch.
The
general meeting of shareholders further decided to change the company name
RWE Dea AG back to DEA Deutsche Erdoel AG. After its foundation as
Deutsche Tiefbohr-Actiengesellschaft in 1899 the company operated already
from 1911 to 1970 under the name of Deutsche Erdoel AG. Even after the
latest change of owners DEA remains a German company. The names of the
international subsidiaries will be adapted accordingly.
The first
business priorities like the review of the corporate strategy are
currently in preparation. Despite the notable drop in the prices of crude
oil and natural gas the company plans to lay the foundations for further
growth. Worldwide, oil and gas will remain the most important energy
sources in the next decades. According to independent forecasts the global
energy requirement will increase until 2035 by approx. 40%.
"The realignment of DEA from a group subsidiary to an independent oil and
gas company offers many opportunities," said Thomas Rappuhn, DEA’s Chief
Executive Officer. DEA, with 1,440 employees, is currently active in 17
countries and holds around 160 exploration and production licences as an
operator and as a partner.
An important growth incentive for DEA
will be investments in exploration and production. In the light of the oil
price drop, it is now essential to successfully position the company in
the oil and gas industry, an industry which is characterized by structural
changes. "We are well prepared for the future," underlined Rappuhn. "Our
exploration successes in recent years, the increases in our oil and gas
production and secured reserves form the basis for DEA's future success."
Source:
» Uwe-Stephan Lagies, Head of Corporate
Communications
» Olaf
Mager, Head of External Communications
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See also:
Press-Release RWE AG - March 03, 2015
Article by Oil & Gas
Journal - March 03, 2015
+ + +
Background information
DEA Deutsche Erdoel
AG (change in company name has been applied for registration) is an
international operator in the field of exploration and production of
natural gas and crude oil based in Hamburg. Its focus is on safe,
sustainable and environmental conscious exploitation of oil and gas. DEA
has 116 years of experience working along the whole upstream value-chain
as operator or project partner.
DEA with a staff force of 1,440
employees has stakes in production facilities and concessions in Germany,
the UK, Norway, Denmark, Egypt and Algeria and currently holds exploration
concessions in Ireland, Libya, Poland, Suriname, Trinidad & Tobago and
Turkmenistan. Moreover, in Germany, DEA also operates large subsurface
storage facilities for natural gas.
LetterOne is a private
investment fund headquartered in Luxembourg; it was established in 2013.
The fund deploys its financial resources as well as its management and
investment expertise to make value-driven investments in the energy and
telecommunications sector through its subsidiaries L1 Energy und LetterOne
Telecom. Its assets originate from the successful investment and
operational track record of its founding shareholders including the sale
of the integrated oil and gas company TNK-BP.
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