DONG Acquires Hess' Stake in Two Norwegian Licenses

DONG has agreed to acquire Amerada Hess' 20 percent interest in the Norwegian PL122 and PL122B licenses. Following the date of acquisition, the PL122 and PL122B license group will comprise Statoil (50 percent), Norsk Agip (20 percent), DONG (20 percent) and ExxonMobil (10 percent).

A gas discovery in the licence - the Marulk discovery - has already been made, but there are still no plans of developing the discovery. A development is only anticipated in five to ten years when capacity in the pipe system nearby is available.

"In five to ten years from now, production from the discoveries we know of today will be phasing out or have discontinued altogether. The acquisition of this license interest should therefore be seen in the light of our desire, also in the longer term, to secure access to our own reserves," says Søren Gath Hansen, Executive Vice President of DONG.

The new license is located just south of license PC284, in which DONG also has a participating interest. It will therefore be possible to develop discoveries in the two licenses through the same infrastructure.