On 3 March 2015, L1 Energy acquired international oil and gas company DEA, from the German utility RWE, for $7 billion (€5.1 billion).
Headquartered in Hamburg, Germany with extensive assets in the British North Sea, RWE DEA had total natural gas production output of 2.6bn cubic metres in 2013.
The purchase was opposed by the UK Energy and Climate Change Secretary Ed Davey, who raised concerns that Fridman might one day face international Ukraine-related sanctions against Russian companies and individuals which could force L1 Energy to shut down production in the North Sea, thus imperiling oil supplies and 5% of Britain's North Sea natural gas output.
On 4 March 2015, Davey gave Fridman a one-week deadline to convince the UK government not to force him to sell the North Sea oil and gas assets.
In April 2015, the government gave Fridman up to six months to sell.

In October 2015 Fridman and the LetterOne Group sold L1 Energy's British North Sea assets to Ineos, a Switzerland-based petrochemical company owned by Jim Ratcliffe, for $750 million.
The British government assured LetterOne that the forced sale was "not a judgement on the suitability of LetterOne’s owners to control these or any other assets in the UK".

In October 2015 LetterOne Group acquired German utility company E.ON’s equity interests in 43 Norwegian oil and gas licences, including interests in three producing Norwegian fields, all located in the North Sea, for $1.6 billion.
On 3 March 2015, L1 Energy acquired international oil and gas company DEA, from the German utility RWE, for $7 billion (€5.1 billion). Headquartered in Hamburg, Germany with extensive assets in the British North Sea, RWE DEA had total natural gas production output of 2.6bn cubic metres in 2013. The purchase was opposed by the UK Energy and Climate Change Secretary Ed Davey, who raised concerns that Fridman might one day face international Ukraine-related sanctions against Russian companies and individuals which could force L1 Energy to shut down production in the North Sea, thus imperiling oil supplies and 5% of Britain's North Sea natural gas output. On 4 March 2015, Davey gave Fridman a one-week deadline to convince the UK government not to force him to sell the North Sea oil and gas assets. In April 2015, the government gave Fridman up to six months to sell.
In October 2015 Fridman and the LetterOne Group sold L1 Energy's British North Sea assets to Ineos, a Switzerland-based petrochemical company owned by Jim Ratcliffe, for $750 million. The British government assured LetterOne that the forced sale was "not a judgement on the suitability of LetterOne’s owners to control these or any other assets in the UK".
In October 2015 LetterOne Group acquired German utility company E.ON’s equity interests in 43 Norwegian oil and gas licences, including interests in three producing Norwegian fields, all located in the North Sea, for $1.6 billion.
Mikhail Fridman