UK-based energy giant Centrica is to buy a 15% interest in licence PL 363 in Block 25/5 on the Norwegian Continental Shelf, following an agreement with Swedish independent oil and gas company Lundin Petroleum.

Licence PL 363 lies about 30km north-east of the Alvheim field and is operated by Lundin.

The field contains two main prospects, the Mon and Monster prospects.

The Mon prospect will be drilled in the fourth quarter of 2009 and holds recoverable resources of 123 million barrels of oil equivalent, the company said.

Lundin Petroleum’s interest will be 45% after the farm-out to Centrica.

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By GlobalData