Det norske has signed an agreement to acquire a licence portfolio from Norwegian Energy’s (Noreco) wholly owned subsidiary Noreco Norway.
As part of the deal, Det norske will acquire licence portfolio comprising seven on the Norwegian Continental Shelf, including a 20% interest in the Gohta discovery (PL492) in the Barents Sea.
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The agreement excludes Noreco’s 4.36% interest in the Enoch field.
Det norske 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 transaction will involve ceasing of all of Noreco Norway’s petroleum activities.
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The proposed deal is conditional upon approvals by Norway’s Ministry of Petroleum and Energy, and Ministry of Finance.
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By GlobalDataNoreco said it has already secured pre-acceptance, as well as voting commitments for the transaction from major bondholders holding a majority of outstanding bonds.
Det norske signed an agreement in October 2015 to acquire Svenska Petroleum Exploration for $75m.
Svenska holds 13 licences in Norway, which 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 licences in the Norwegian Sea.
In December 2015, the company completed the acquisition of Premier Oil’s Norwegian assets in a transaction worth around $120m.
