The agreement is subject to approval by the Norwegian Ministry of Petroleum and Energy. Completion is expected by yearend.
Repsol Norge AS is operator of PL 316 and has 60%. Lotos E&P Norge AS has 20% and Kufpec Norway AS has 10%.
Earlier this year, OKEA agreed to buy Repsol’s share (OGJ Online, Aug. 24, 2016). That agreement is subject to Norwegian authorities’ approval of an updated plan for development and operation.