Repsol farms into Norway license

Repsol Exploration is to take a 40% in license PL 356 on the Norwegian Shelf from operator Det norske oljeselskap.

Offshore staff

TRONDHEIM, Norway -- Repsol Exploration is to take a 40% in license PL 356 on the Norwegian Shelf from operator Det norske oljeselskap.

Det norske, which remains operator of the permit, plans to drill the Ulvetanna prospect in 2011.

“In operated production licenses where exploration drilling is carried out, Det norske aims to have between 30 and 50% interest,” said chief executive Erik Haugane. “This agreement is the fourteenth time Det norske has reduced its ownership interest in production licenses prior to drilling operations since the start of 2008.”

The agreement is subject to approval from the Norwegian government.

06/03/2010

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