Det norske set to acquire Svenska’s offshore Norway interests

Offshore staff

TRONDHEIM, Norway  ̶  Det norske oljeselskap has agreed to acquire Svenska Petroleum Exploration AS for a cash consideration of $75 million.

Swedish company Svenska has 15 employees at its operation in Norway, of which all will be transferred to Det norske.

The company has 13 Norwegian licenses that include the Krafla/Askja (25%), Garantiana (20%), Frigg Gamma Delta (40%), and Fulla/Lille-Frigg (25%) discoveries in the North Sea.

In addition, it holds four exploration licenses in the Norwegian Sea. Potential investment decisions on Krafla/Askja and Garantiana developments could be taken in 2018.

The transaction is expected to close during 1Q 2016, subject to regulatory approvals.



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