E.ON Buys British Gas Supplier COGL | Business| Economy and finance news from a German perspective | DW | 26.09.2005
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Business

E.ON Buys British Gas Supplier COGL

E.ON, Germany's leading power supplier, said Monday it planned to buy British gas supplier Caledonia Oil and Gas Limited (COGL) for around 470 million pounds (692 million euros, $833.8 million). "We are acquiring Caledonia Oil and Gas Limited (COGL), a British gas production company with interests in a total of 15 gas fields in the southern North Sea," E.ON said in a statement. COGL's gas reserves total approximately 14 billion cubic meters (490 billion cubic feet), to be produced mainly over the next 10 years. This quantity is equivalent to the annual gas consumption of about nine million households, E.ON said. "The acquisition of Caledonia brings us significantly closer to our goal of covering up to 15-20 percent of the gas needs of E.ON Ruhrgas from our own production in the long run," chairman Wulf Bernotat said.

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