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


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Top Oil Market Summons Poseidon to US-Mideast Crude Fight (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Statoilmore info


 - Greenpeace Activists Protest Near Oil Rig In Norway's Arctic Sea Area (Jul 21)
 - Canada's LNG Failure Is Its Own Fault, Seven Gen Founder Says (Jul 17)
 - Suriname Signs Offshore Oil Deals with Exxon, Hess and Statoil (Jul 14)
 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
 - Aker Solutions Secures Johan Sverdrup Phase 2 FEED Contract (Mar 21)
 - NPD Grants Consent for the Expansion of Nyhamna Gas Plant (Feb 10)
 - Statoil Granted North Sea Drilling Permit by NPD (Dec 21)
 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)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles
Related Articles


Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours