Norway

The primary strategic objective of RWE Dea AG is to proactively extend its gas asset position. Conditions for achieving this objective are particularly favorable in Norway because the country is second only to Russia as Europe's most significant supplier of hydrocarbons. The basis for strengthening our commitment in Norway are the activities in which RWE Dea acquired a majority holding in the wake of the DEMINEX asset split in 1998. In 2002 RWE Dea also acquired the minority stake of VEBA Oil & Gas, making RWE Dea Norge a wholly owned subsidiary.

In the years 2000 to 2002 the Norwegian government awarded interests of between 15 and 100 per cent in several license blocks to RWE Dea Norge. The new licenses hold a realistic promise for RWE Dea to continue increasing its gas and oil reserves significantly in Norway. Our current offshore oil production in Norway totals some 1.4 million mt a year. While our gas production in the region is still small, we expect production figures to grow rapidly if our exploration activities continue to be successful.

The reserve potentials are high and very promising. RWE Dea is focusing particularly on production and development activities in the Norwegian continental shelf area. Other reasons for stepping up exploration and production in Norway are the proximity and direct access to major European markets as well as the country's political stability.

Through its Norwegian subsidiary, RWE Dea has holdings in six major offshore oil fields and in various exploratory projects. RWE Dea is the operator in two license areas in the Norwegian North Sea.

More about RWE Dea in Norway
www.rwedea.no