Centrica buys into Fogelberg offshore Norway

North Energy has agreed to sell its 12% interest in Norwegian production license 433 for $12 million to Centrica Resources (Norway).

Offshore staff

ALTA, Norway – North Energy has agreed to sell its 12% interest in Norwegian production license 433 for $12 million to Centrica Resources (Norway).

The license contains theFogelberg gas/condensate discovery. Last year the partners committed to drawing up potential development solutions, which should lead to submission of a plan for development and operation within a few years.

Completion of the transaction, which has to be approved by the Norwegian authorities, is expected this spring.

2/10/2012

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