Det norske set to purchase Noreco’s offshore Norway interests

Offshore staff

TRONDHEIM, NorwayDet norske oljeselskap has an agreement to acquire Noreco’s Norwegian license interests.

Noreco has seven licenses, including a 20% stake in the Gohta discovery (PL492) in the Barents Sea. However the company’s 4.36% in the Enoch field development is not part of the transaction.

CEO Karl Johnny Hersvik said: “Following the recent acquisition of both Svenska Petroleum Norway and Premier Oil’s Norwegian subsidiary, this takeover of Noreco Norway underlines Det norske’s belief in, and commitment to the Norwegian continental shelf.”

The deal remains subject to regulatory approvals and is contingent on approval from the NOR06 bondholders.

03/02/2016

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