The UK Government has decided to revoke North Sea oil field licences owned by DEA, RWE’s oil and gas unit bought last month by Russian billionaire Mikhail Fridman’s LetterOne, unless the licences change ownership, the energy ministry said today.
“The Secretary of State Ed Davey … 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,” the ministry said in a statement.
LetterOne has up to six months to make a change in ownership, it added.
The decision comes weeks after the British Government first announced its objections to LetterOne’s ownership of North Sea assets.
It had previously said it was concerned energy production from the fields could be interrupted if sanctions against Russia were extended.