UK Government Threaten LetterOne with North Sea Licences
Posted on: 21/04/2015

Following the controversial Russian Group LetterOne’s purchase of twelve fields from RWE’s oil and gas unit DEA last, the UK government has threatened to revoke North Sea licences.

This action comes after the Department of Energy & Climate Change now showed extreme concerns that this purchase may in fact endanger the UK’s own oil and gas supplies if sanctions were to be imposed against Kremlin in the near future. As a result the DECC have said that DEA’s licences will be revoked unless they agree to sell the fields immediately.

The DECC said earlier this week: “The secretary of state Ed Davey has 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.”

The government have revealed a three month period for DEA UK and LetterOne to “effect a further change of control”, however it has been suggested that this may still extend to six months.

Davey said that he was “minded” to ensure that the DEA offshore fields were released to a suitable third party, however this ensued a strong reaction from the oligarchs- who maintain they hold no links to the Kremlin.

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