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RWE Dea Farm-Into a License on the Norwegian Shelf

Source: www.gulfoilandgas.com 3/12/2012, Location: Europe

RWE Dea Norge AS, a wholly-owned subsidiary of the German upstream company RWE Dea, has entered into an agreement with Wintershall Norge ASA to acquire 10 percent equity in production license (PL) 418 in the North Sea. RWE Dea is thereby further strengthening its position in the northern North Sea, which is a core area for the company. RWE Dea operates the adjacent PL420, where the promising Titan discovery was made in 2010. RWE Dea is also a partner in the producing Gjoa field. The first well (35/9-7) in PL418 is located 14 kilometres southwest of the Gjoa field. The well will test the hydrocarbon potential of the Skarfjell prospect.

PL418, which was awarded in Awards in Predefined Areas (APA) 2006, is operated by Wintershall. “We are very pleased to have concluded this agreement with Wintershall and look forward to working with them as partner in this license. The agreement supports our goal, to sustain our presence near the North Sea Titan discovery in the Gjoa region”, says Managing Director of RWE Dea Norge AS, Hans-Joachim Polk. The farm-in is part of RWE Dea’s strategy to have a balanced portfolio in its core areas in Norway. RWE Dea holds a broad license portfolio, including the operated discoveries Titan in the North Sea and Zidane in the Norwegian Sea. In 2012, RWE Dea Norge has been awarded seven new licenses, two of them as operator. The farm-in agreement will be effective as of January 2012, subject to approval from Norwegian authorities.

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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 


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