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Det Norske Oljeselskap in USD 120 million acquisition

Norwegian oil company Det Norske Oljeselskap has put USD 120 million on the table to buy Norwegian Premier Oil. The acquisition will give the company access to a range of licenses and stakes in the North Sea.

Photo: Statoil

Det Norske Oljeselskap will pay USD 120 million for the oil company Premier Oil Norway AS, according to a press release from the oil exploration and development company, which together with Maersk Oil is also a partner in the major Johan Sverdrup oil field project in the North Sea.

The transaction will give Det Norske Oljeselskap access to a number of assets on the Norwegian shelf, including operatorship of the Vette development project and adjacent licenses in the Mackerel and Herring discoveries (50 percent ownership), a share of 50 percent of the Frøy field as well as seven exploration licenses in the Norwegian North Sea.

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