VNG farming into Agat

VNG is set to acquire 20% of two Norwegian production licenses from Endeavour Energy Norge in North Sea block 35/3.

Offshore staff

HOUSTON --VNG is set to acquire 20% of two Norwegian production licenses from Endeavour Energy Norge in North Sea block 35/3. The area includes the undeveloped Agat gas discovery.

Last month, Endeavour announced it would assume operatorship of one of the licenses, PL 270, from RWE Dea Norge, thereby increasing its working interest in this license. In exchange, it transferred part of the other license subject to the current farm-in to RWE Dea.

Once both transactions are completed, Endeavour will be majority owner of both blocks, with a 65% interest. It estimates their combined gross unrisked resources at 1.6 tcf of gas equivalent, including Agat and two other identified prospects and leads. The blocks cover a total area of over 100,000 acres (40,468 ha) and are close to other undeveloped gas resources.

08/28/2007

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