The German utility Group E.ON, has entered into an agreement to sell the exploration and production activities in Norway to DEA Deutsche Erdoel, a company owned by LetterOne, an investment fund of the Russian billionaire Mikhail Fridman, for $ 1.6 billion, says Reuters, quoted by Mediafax.

“This acquisition fits perfectly for the new business strategy we have,” said Thomas Rappuhn, CEO Deutsche Erdoel AAL DEA, company purchased by LetterOne from another large German energy company, RWE.

The price includes a cash component of 100 million dollars. The Group analyzed the selling of the assets in Norway in November 2014. Those assets include 43 licenses, mostly for exploration and a 28% stake in the Skarv oil and gas block and another of 30% in the Njord block.

Letter One has sold, in its turn, in the first part of the year, assets for hydrocarbon production in the British block of the North Sea, because of the sanctions imposed on Russia by a number of countries in the West. E.ON continues to sell assets before separating from the rest of the group the oil and gas activities in 2016.