STAVANGER, Norway -- Norwegian Energy Co. (Noreco) has agreed to sell its stakes in Oselvar and Enoch oil fields in the Norwegian North Sea to Marubeni Corp. The sale, which is effective from Oct. 1, will net Noreco $43 million. It will also gain a pro et contra settlement for 2010 upon completion, estimated at around $34 million. This accounts mainly for investments in the current Oselvar development.
In addition, Noreco will receive a net profit interest from the Ipswich discovery in license PL274 if a Plan for Development and Operations is submitted within five years of the contract signing. Noreco farmed in with 15% in 2007, prior to drilling of a successful appraisal well which triggered the development decision. Start-up is due in 4Q 2011.
Oselvar is an oil and gas field in licenses PL274 and PL274CS in the southern Norwegian North Sea. After its initial discovery in the 1990s, the area was re-awarded in 2002 as license PL274. Enoch is an oil field in the Central North Sea, on the median line between Norway and the UK. Noreco has a 4.36% interest via its 21.8% share of license PL048D. It gained this stake after acquiring Altinex in 2007.