Thursday, April 07, 2011
Det norske oljeselskap ASA
Det norske has sold a 20 percent interest in production licenses 554 and 554B to Svenska Petroleum Exploration, reducing its interest from 40 to 20 percent.
As consideration, Svenska Petroleum Exploration will carry part of the expenses related to the first exploration well to be drilled in either PL 554 or PL 554B.
The North Sea licenses are located due east of the Snorre field and were awarded in the APA 2009 and APA 2010 licensing rounds. The agreement includes the Garantiana prospect, scheduled for drilling in 2012.
This transaction should be seen as part of Det norske's continuous work to diversify and optimize its exploration portfolio. Following the transaction, Bridge as operator will hold 60 percent, while partners Det norske and Svenska will hold 20 percent each. Final agreement is subject to government approval.
As consideration, Svenska Petroleum Exploration will carry part of the expenses related to the first exploration well to be drilled in either PL 554 or PL 554B.
The North Sea licenses are located due east of the Snorre field and were awarded in the APA 2009 and APA 2010 licensing rounds. The agreement includes the Garantiana prospect, scheduled for drilling in 2012.
This transaction should be seen as part of Det norske's continuous work to diversify and optimize its exploration portfolio. Following the transaction, Bridge as operator will hold 60 percent, while partners Det norske and Svenska will hold 20 percent each. Final agreement is subject to government approval.
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