Det Norske Strengthens Its Position in North Sea Areas

Norway’s Det norske oljeselskap ASA has come to an agreement with Total E&P Norge AS with regards to transfer of participating interests in three licenses.

In the Barents Sea, Det norske assigns ten per cent of license 535, which contain the Norvarg discovery, to Total. After the transaction Det norske holds ten per cent share in the license. In the North Sea, Det norske take over Totals 62.13 per cent share in license 026D, which is carved-out from license 026. In addition, Det norske take over ten per cent in license 574 from Total. License 026D contains a part of the Frigg-Delta-discovery made in license 442 and in addition has an interesting exploration prospect. License 574 is an attractive exploration license.

“By this agreement with Total Det norske strengthens the company’s position in one of the core areas in the North Sea. Det norske still has great expectations to the Norvarg-discovery in the Barents Sea, but in line with the our exploration strategy, we focus our resources in our core area for exploration in the North Sea,” comments Lars Thorrud, Business Development Manager in Det norske.

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Press Release, May 13, 2013