Core to take stakes in two fields offshore Norway

Core Energy has agreed on farm-ins to two fields offshore Norway.

Offshore staff

OSLO, Norway – Core Energy has agreed on farm-ins to two fields offshore Norway.

Assuming regulatory approvals, the company will take a 12% interest in the producingNjord field in the Norwegian Sea from GDF Suez E&P Norge, and a 20% interest in the Bøyla development project in the North Sea from ConocoPhillips Skandinavia.

Njord, operated by Statoil, is an oil and gas field in licenses PL 107 and PL 132. It was originally developed in 1997 with a semisubmersible drilling, accommodation and production platform, and a storage vessel. Additionally, the platform receives production from the Hyme field in PL 348, where Core Energy has a 17.5% interest.

The proposed transaction includes a 12% interest in the adjacentNoatun gas discovery and a minor share in the planned Polarled pipeline project farther north in the Norwegian Sea.

Bøyla, in PL 340, is operated by Marathon Oil Norge. An $835-million development is under way, as a subsea tieback to theAlvheim field FPSO 28 km (17.4 mi) to the north. First oil is due in late 2014.

5/30/2013

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