Against tough competition, RWE Dea Norge has been awarded two promising licenses in the 20th licensing round by the Norwegian Ministry of Petroleum and Energy. The two licenses are a strategic fit with RWE Dea Norge's existing assets in the Barents Sea. This is an important step in increasing the company's production.
"Our large exploration portfolio in the Barents Sea has great potential, and RWE Dea Norge has the long-term commitment and financial strength needed for successful and safe exploration," said Managing Director Hugo Sandal in RWE Dea Norge. The hydrocarbon potential in the Barents Sea region is high. Both licenses lie in the surrounding area of the significant Snoehvit gas development, where RWE Dea Norge is a partner.
The details of the exploration licenses awarded are as follows: RWE Dea Norge has been awarded equities of 25% in license PL 531 and a 20% stake in license PL 533.
These two new licenses make RWE Dea Norge's portfolio in the Barents region promising, diverse and solid, "Our commitment and engagement in the Barents Sea is an important part of our future plans to petroleum activity on the Norwegian Shelf," said Sandal.
During the period 2006-2011, RWE Dea Norge will increase exploration spending significantly.
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