Norway: Det Norske Buys Stake in Barents Sea Licence

Det norske oljeselskap ASA, a Norwegian oil company which engages in the exploration, development, and production of petroleum resources on the Norwegian continental shelf, has acquired a 10 percent interest in Production License (PL) 531 from RWE Dea Norge AS.

The license is located in blocks 7217/12, 7218/10 and 7218/11 on the Veslemøy High in the Barents Sea. The first exploration well in the license is planned drilled in the fourth quarter this year, or during the first quarter of next year. The well will be drilled with the Transocean Barents drilling rig.

Repsol Exploration Norge AS is the operator, holding a 20 percent interest. The other licensees are Talisman Energy Norge AS (25 percent), Concedo ASA (20 percent), RWE Dea Norge AS (15 percent), and Marathon Oil Norge AS (10 percent).

This acquisition is part of Det norske’s continuous strategy of diversifying and optimizing its exploration portfolio.

[mappress]
Offshore Energy Today Staff, March 19, 2012