OKEA has announced that Chrysaor, the leading oil & gas independent, has through its Norwegian subsidiary Chrysaor Norge entered into an agreement with OKEA to acquire a 15% interest in the PL038D license, covering the Grevling oil discovery in the Norwegian North Sea.Once the deal is complete, the partners in the license will be OKEA (55%), Petoro (30%) and Chrysaor (15%). OKEA is operator of the license. As part of the transaction, Chrysaor has an option to further increase its interest in the license to 35%. Partners in the Grevling license are actively reviewing development concepts and expect to conclude on the development concept late this year.Erik Haugane, Chief Executive of OKEA, said:'We welcome Chrysaor to Norway. For OKEA to succeed in our business strategy to develop and produce fields outside the focus of the large oil companies, we need a partner with similar focus. Chrysaor is a company to our liking with scale, infrastructure and expertise. OKEA look forward to learning from their UK experience and work with them on Grevling and other opportunities in Norway.'Grevling, discovered in 2009, is an oil field located south of the Sleipner fieldOriginal article linkSource: OKEA
Norway, PL 038 D