German energy firm RWE said yesterday it had put its oil and gas exploration unit up for sale in a move that could rake in billions of pounds for its drive to cut debt. RWE had previously said it only wanted to sell parts of the unit, called Dea, which accounted for 23% of the group’s operating profits in 2012.
Dea, which has interests in several UK North Sea fields and is operator of the Breagh project, has been valued at up to £6.9billion.
RWE chief executive Peter Terium said he expected several bidders for Dea, which would help the group to cut its £28.5billion debt pile.