Norsk Hydro Sells Share in PL 153

Norsk Hydro has entered into an agreement to sell a 30 percent stake in production license 153 in the Norwegian sector of the North Sea to Gaz de France. The sale includes the oil and gas discovery Gjøa.

The transaction is expected to result in an estimated accounting gain for Hydro of approximately NOK 250 million after tax.

"We are very pleased with the sale of our share in PL 153. It is the result of Hydro's active management of the company's oil and gas portfolio. For us, it's a strategic choice. The sale will free up capital for further growth within Hydro's core areas," says senior vice president Torstein Dale Sjøtveit, of Hydro Exploration and Development Norway.

Hydro is keeping its share in the western part of PL 153. Gjøa was discovered in 1989 and is located about 50 kilometers southwest of Florø, Norway. The find is not approved for development and the transaction will therefore not reduce Hydro's proven reserves.

The transaction between Hydro and Gaz de France is subject to approval by the Norwegian authorities. PL 153 is currently owned by Norsk Hydro (30%), Petoro (30%), Statoil (20%), Shell (12%) and RWE-DEA (8%).

Related Companies
 Company: Norsk Hydro ASAmore info

 - Sentry Petroleum Appoints Former Norsk Hydro Analyst to Board of Directors (Dec 29)
 - Hydro Under Investigation for Former Libya Oil Operations (Oct 7)
 - SeaBird First Contract Award for SeaBed Operations (Apr 28)
 Company: Shellmore info

 - Shell Suspends Pacific Northwest Crude-By-Rail Project (Oct 7)
 - Norway Gas Plant Workers Agree Wage Deal, Avoid Strike (Oct 7)
 - Oil Industry Teams Up to Fight Cyber-Crime (Sep 29)
 Company: Statoilmore info

 - Statoil Misses Q3 Forecasts, Cuts Capex Again (Oct 27)
 - PSA Asks Statoil Whether Recent Incidents Related To Cost Cutting (Oct 26)
 - Statoil Says Restarts Output At Statfjord A Platform After Fire (Oct 24)
 Company: Gaz de Francemore info

 - Grenland Group Delivers Gjoa Subsea Structures (Sep 1)
 - Plexus to Supply Wellhead Systems for Mediterranean E&P Activities (Jul 20)
 - ELNG Completes First Ever Health & Safety Partnership Program with GE O&G (Jul 15)
 Company: Petoromore info
 - NPD Grants Statoil Lifetime Extension for Gullfaks B (Aug 25)
 - NPD Grants Wintershall Drilling Permit Offshore Norway (Aug 9)
 - Western Europe's Top Oil Producer Has a Surprise for Markets (Aug 8)
 Company: RWE-DEAmore info
 - Lundin Granted Drilling Permit in PL609 (Sep 10)
 - Lundin Spuds Appraisal Well on Alta Discovery (Mar 25)
 - Japan's JX, GDF Suez Find New Oil in UK North Sea (Mar 13)

Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours