News story

Secretary of State decision on LetterOne North Sea gas fields acquisition

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

The Secretary of State has made a decision regards the petroleum licences for the Dea UK North Sea assets recently acquired by LetterOne.

The Secretary of State Ed Davey has today (20 April) notified Dea UK and LetterOne that he proposes to revoke Dea UK’s North Sea petroleum licences unless LetterOne arranges for a further change of control of the Dea UK gas fields in the North Sea.

This decision was taken after a thorough review of all relevant information as well as obtaining cross-Government views.

Under the terms of the licenses held by Dea UK, Dea UK and LetterOne now have three months to effect a further change of control. However, the Secretary of State has offered to extend this period to six months and he awaits LetterOne’s response to this offer.