Gulf Oil and Gas accountACCOUNT

Lime Petroleum Sells Stake in Norwegian Sea Licence

Source: www.gulfoilandgas.com 1/30/2018, Location: Europe

Share |
Rex International Holding Limited announces that its 90 per cent subsidiary Lime Petroleum AS has entered into an agreement to divest its 20 per cent participating interest in licence PL762 located in the Norwegian Sea to an external third party, with a mutually agreed effective date of 1 January 2018. The sale is pending regulatory approval.

The divestment of this non-core asset is part of the value creation strategy mapped out by Rex for its asset portfolio in Norway in April 2017, to focus on areas close to infrastructure in the North Sea, while fully leveraging on the Groupís unique technology-led, de-risked exploration approach.

Going forward, LPA will focus on its North Sea assets located on or close to the Utsira High, adjacent to the giant Johan Sverdrup field and producing Edvard Grieg and Ivar Aasen oil fields. Notably, drilling of the first 2,000-metre horizontal well on the Rolvsnes discovery (previously Edvard Grieg South), in which LPA holds a 30 per cent participating interest, is planned to start late March 2018. If successful, a pipeline will be installed to the Edvard Grieg field for test production in 2020.

Acquisitions and Divestitures News in Norway >>

Spain >>  2/22/2018 - Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, provides the following update ...
Ghana >>  2/19/2018 - Aker Energy AS, a 50-50 joint venture between Aker ASA and TRG AS, has entered into an agreement with a subsidiary of Hess Corporation to acqui...

Russia >>  2/19/2018 - PAO NOVATEK (NOVATEK) won the open auction to acquire a 100% stake in Maretiom Investments Limited (owns 100% equity share in Geotransgaz) and 100% of...
United Kingdom >>  2/19/2018 - Baron Oil PLC has entered into an option agreement with Corfe Energy Limited to be assigned part of its rights to farm in to UK North Sea Licence P223...

United Arab Emirates >>  2/18/2018 - On behalf of the Abu Dhabi Government, the Abu Dhabi National Oil Company (ADNOC) signed an agreement with Cepsa, a Spanish integrated oil and gas com...
United Kingdom >>  2/16/2018 - Angus Energy Plc, the conventional oil and gas production and development company, announces that pursuant to the Companyís 22 January RNS it has init...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 |

More News

 

Oil & Gas Companies in Norway >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.