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Det norske oljeselskap ASA has agreed to acquire Noreco Norway AS’s Norwegian license portfolio, including a $5-million cash balance. The deal is effective Jan. 1.

The portfolio consists of seven licenses on the Norwegian Continental Shelf, including 20% interest in the Gohta discovery on PL492 in the Barents Sea (OGJ Online, July 21, 2014). Noreco’s 4.36% interest in the Enoch field is not included in the deal.

“Following the recent acquisition of both Svenska Petroleum Norway and Premier Oil’s Norwegian subsidiary (OGJ Online, Nov. 16, 2015), this takeover of Noreco Norway underlines Det norske’s belief in, and commitment to, the Norwegian Continental Shelf,” commented Karl Johnny Hersvik, Det norske chief executive officer.

Tag(s) : #Oil and Gas News
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