North Energy agrees to farm-in licenses offshore Norway
North Energy is set to take a 10% interest from Tullow Oil Norge in production licenses 591 and 591 B in the Norwegian Sea.
Both concessions are on theHalten Terrace, close to several producing fields. The partners have applied to drill exploration wells, starting in 2015.
Assuming ratification of the agreement, Tullow will operate with a 90% interest with North Energy holding the balance. The company also has an option to acquire an additional 10% of both licenses.