Hydro is seeking equity in three UK North Sea licenses close to the Bressay and Mariner oilfields.
Offshore staff
OSLO, Norway --Hydro is seeking equity in three UK North Sea licenses close to the Bressay and Mariner oilfields. The Norwegian company recently became operator of these fields following a transaction with Chevron.
The licenses are P-1207, P-1282, and P-1496 in Quadrant 9. The acreage includes a heavy oil discovery from 1991 which needs further appraisal to gauge commerciality.
Under the agreement with the two licensees, Silverstone Energy and Wilderness Energy, Hydro will fund further exploration in exchange for up to 50% equity, with the option in time to take on operatorship. If drilling confirms the reserves are economic, they could be tied in to Hydro's planned heavy oil hub in this area.
