Det norske farms out interest in Ulvetanna prospect to Repsol

Source: Det norske oljeselskap

Det norske oljeselskap ASA has signed an agreement with Repsol Exploration Norge AS, whereby Det norske will reduce its ownership interest in PL 356 from 100 percent to 60 percent.

Repsol will take on a 40 percent interest in PL 356, where plans are being made for drilling of the Ulvetanna prospect in 2011.

Located on Blocks 3/4 offshore Norway, the prospects that have been identified via 3D seismic include the Ulventanna, Buddamagen and Trollguten. The sea is shallow in this region, and a jackup drilling rig will be used to drill.

“In operated production licenses where exploration drilling is carried out, Det norske aims to have between 30 and 50 percent interest,” said Erik Haugane, Det norske chief executive. “This agreement is the fourteenth time Det norske has reduced its ownership interest in production licenses prior to drilling operations, since the start of 2008.”

“Farm out agreements play a crucial role in our portfolio optimization as we seek to diversify our drilling portfolio. We are very pleased to see a successful company like Repsol farming into PL 356” Haugane said.

The agreement is subject to governmental approval.

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