December 22, 2009
Maersk Oil completes acquisition in the Norwegian Sea
Maersk Oil completes the acquisition of 70% interest in PL431 Licence in the Norwegian Sea
Maersk Oil reports that the acquisition agreement covering the Norwegian Production License PL431 has been completed with Faroe Petroleum. Maersk Oil has acquired 70% interest and assumed operatorship.
Maersk Oil has committed to drilling a well in 2011 targeting the T-Rex prospect, south east of the Smørbukk producing field in the Norwegian Sea.
“We see significant potential in this license,” says Åke Hesselbom, Managing Director of Maersk Oil Norway “ though, as always there are risks. With our strong technical skills and pioneer mindset we have a proven track record of turning opportunities into reality. That is our ambition with the T-Rex prospect as well.”
With exploration and production in both the Danish and British sectors Maersk Oil has extensive knowledge and understanding of North Sea geological plays, putting the company in a strong position to establish a material business in Norway. Maersk Oil currently has 12 licenses in Norway and has ambitions for fast growth in the Norwegian sector.
“We have a history of developing and operating tight reservoirs optimally in the North Sea and a history of integrating knowledge across borders. By collaborating and sharing ideas we have been able to continuously add value to our business. Growing in Norway is a natural progression of our North Sea activities,” says Åke Hesselbom.
For more information about Maersk Oil in Norway please contact Åke Hesselbom on +47 5200 2810.
Maersk Oil is a part of the A.P. Moller – Maersk Group and is a mid-size international oil and gas company with production in Denmark, Qatar, the UK , Algeria and Kazakhstan, and exploration activities in a number of locations globally. We operate more than 800,000 barrels of oil equivalent per day, and are one of the world’s top 25 independent oil and gas companies.