Petroleum Africa
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Wednesday, March 6, 2013
German firm RWE Dea plans to put its exploration unit on the market in an effort to cut debt. The company’s exploration and production unit, DEA, holds assets across North Africa, including Algeria, Egypt, and Libya.
RWE had previously said it only wanted to sell parts of the unit, which accounted for 23% of its operating profit in 2012.
"We are not talking about a small asset. DEA is a big company," Chief Executive Peter Terium told Reuters, adding that selling the unit in one go was now the preferred option.
While RWE declined to comment on DEA's book value, analysts vary when pegging the value of DEA. Estimates on DEA’s value range between €4.5 and €8 billion ($5.9-10.4 billion).
Terium told Reuters that the company expects several interested parties to bid for DEA. Companies heavily invested in North Africa such as Total, ENI, and Repsol are predicted to be the top bidders for the German firm’s assets.
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