Gulf Oil and Gas accountACCOUNT

DONG Energy Divests Five Norwegian Fields to Faroe Petroleum

Source: www.gulfoilandgas.com 7/14/2016, Location: Europe

DONG E&P Norge AS (DONG Energy) divests its ownership shares in five producing Norwegian oil and gas fields to Faroe Petroleum Norge AS (Faroe). The fields are Trym, Oselvar, Tambar (including Tambar East) and Ula.

David Cook, Executive Vice President in DONG Energy, says: “It is very satisfying that we have reached an agreement with Faroe in respect of these five assets. This transaction is an important step towards optimising our oil and gas asset portfolio with a focus on high quality, low-cost assets.”

DONG Energy will continue as partner in the Norwegian fields Ormen Lange, Alve, Marulk and Gyda, and as operator of the Mjolner discovery.

Transfer of ownership to Faroe is subject to approval by Norwegian authorities among others and is expected to complete during the latter part of 2016.

License facts

The field ownership shares to be acquired by Faroe are as follows: Trym 50%, Oselvar 55%, Tambar 45% (Tambar East 43.24%) and Ula 20%. DONG Energy operates the subsea installations Oselvar and Trym and is partner in Ula and Tambar, which are both operated by BP.

In 2015, the five fields’ daily contribution was up to approximately 12,000 barrels of oil equivalent (boe). In total, DONG Energy’s oil and gas business produced approximately 112,000 boe per day in 2015. The production licenses are located in the Southern part of the Norwegian North Sea.

Acquisitions and Divestitures News in Norway >>

Brazil >>  8/7/2020 - Petrobras, following up on the press release disclosed on June 29, 2020, informs the beginning of the binding phase, referring to the sale of its enti...
Brazil >>  8/7/2020 - Petrobras, following up on the press release disclosed on 06/26/2020, informs the beginning of the binding phase, referring to the sale of its entire ...

Brazil >>  8/5/2020 - Petrobras, following up on the release disclosed on 01/03/2020, informs that it signed with Centro Oeste Óleo e Gás Ltda. an agreement for the sale of...
Nigeria >>  8/4/2020 - Canadian Overseas Petroleum Limited ("COPL"), an international oil and gas exploration and development company focused on offshore Africa, is pleased ...

Bangladesh >>  8/3/2020 - United Oil & Gas PLC ("UOG"), the high growth oil and gas company with a portfolio of production, development and exploration and appraisal assets is...
Brazil >>  8/3/2020 - Petrobras, following up on the press release disclosed on July 3, 2020, informs the beginning of the non-binding phase regarding the sale of its wholl...

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 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.