Maersk Oil has acquired stakes in three production licences in Norway from Marathon Petroleum Norge in exchange for its financial contribution to the Earb South exploration well.

Maersk will have a 15% share in production licences PL505 and PL505BS, where Marathon Petroleum Norge remains the operator with a 35% share, along with Lundin Petroleum with 30% and VNG with 20%.

The firm will also have a 10% share in PL570, which is operated by VNG.

“This is quality acreage, which helps our goal of building a strong portfolio in this part of the North Sea,” said Maersk Oil managing director in Norway Morten Jeppesen.

“We believe Maersk Oil’s experience in similar plays in both Norway and across the border in the UK could be extremely useful in appraising this acreage, which we believe has a significant potential.”

With the acquisitions, Maersk will now have ten production licences, three of which are operated in Norway.