RWE Dea Norge AS, a wholly-owned subsidiary of the German upstream company RWE Dea, has entered an agreement with Marathon Petroleum Norge AS and with Lundin Norway AS to farm-down a total of 60 percent in production license 330 in the northern Norwegian Sea.
“We are pleased to join forces with two experienced and highly qualified partners in a license regarded as important and promising in our asset portfolio. We have spent significant time and resources to improve the seismic imaging in the demanding and unexplored Utgard High area. These efforts now show encouraging results,” said Hugo Sandal, Managing Director of RWE Dea Norge AS.
The agreement is effective of January 1st 2011, and is subject to Norwegian governmental approval.
After completing a transaction in agreement with Hess Norge in 2010, RWE Dea Norge AS continues as the operator of PL330 with a 40 percent share, and Marathon Petroleum Norge AS and Lundin Norway AS as partners with 30 percent each.
The farm-down is part of RWE Dea’s strategy of a balanced portfolio in its core regions. Norway plays an important role in the company’s strategic target to boost its annual gas and oil production to more than 70 million barrel of oil equivalents by 2016. In Norway, RWE Dea Norge holds a solid license portfolio and is the operator of the recent and promising discoveries Zidane in the Norwegian Sea and Titan in the North Sea. In 2011, RWE Dea Norge has already been awarded five new licenses and is currently participating in 25 production licenses on the Norwegian Continental Shelf.
