DNO Wins Four Norwegian Shelf Licenses
Det Norske Oljeselskap AS has been awarded four new licenses on the Norwegian Continental Shelf (NCS. The company, a wholly owned subsidiary of DNO ASA (DNO), will be operator for three of the licenses.
Det Norske Oljeselskap has considerably strengthened its organization and is in the process of establishing a drilling section capable of a continuous one-rig operation.
This was also important for DNO in connection with its APA 2006 round application, where license awards were put on hold. DNO is pleased to see that the company was awarded four new licenses on May 31, 2007.
DNO has expanded its position in Norway substantially over the past few years, and the NCS is now one of the company's core areas. Following the APA 2006 awards, DNO holds a diversified portfolio of 28 licenses on the NCS—11 of which as operator.
DNO's primary focus is smart exploration, cost-effective development and high-margin production, where oil prospects are the current priority of the company. DNO has a strong commitment as an active player on the NCS, and the company is planning to participate in seven exploration wells (three as operator) in 2007.
DNO Managing Director Helge Eide said:
"Being a qualified and prudent operator, DNO is pleased to have fulfilled the authorities' requirements and will further strengthen the drilling part of the organization. We are engaged in high exploration activity on the NCS, and with the strategy to increase our capacity and broaden the core competence including G&G, reservoir and drilling, we will be well positioned to further develop new business opportunities on the NCS."
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