TRONDHEIM, Norway --Repsol YPF and Det norske oljeselskap have drawn up a letter of intent concerning joint activities offshore Norway.
Under the agreement, Repsol will help finance programs in licenses in the Barents Sea that the two companies have applied for via Norway's 20th licensing round.
The accord also includes a comprehensive cooperation on exploration in the Norwegian Sea and Barents Sea.
Detnor's chief executive Erik Haugane says the arrangement will strengthen his company's position as the number 2 Norwegian independent behind StatoilHydro. The company claims to be positioned for rapid expansion, with over NOK2 billion ($281 million) in funds at its disposal.