CapeOmega increases interest North Sea’s Brynhild field

CapeOmega AS, Bergen, has agreed to buy 39% working interest in Brynhild oil field in PL148 of the Norwegian North Sea from Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB, for $91.5 million, including historic tax and uplift balances.

Following completion of the deal, CapeOmega will hold 49% interest and Lundin Norway will retain operatorship with 51% interest. The deal is effective Jan. 1 and subject to Norwegian government and Lundin Petroleum lender approvals.

Brynhild is a subsea tie-back to the Royal Dutch Shell PLC-operated Pierce field, 38 km to the south on the UK Continental Shelf. It lies in 3,300 m of water. First-quarter production averaged 2,200 boe/d.

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