Det Norske Teams Up with Repsol for Barents Sea Licenses

Det norske has entered into a Letter of Intent with Spanish major Repsol YPF SA. As part of the agreement Repsol will help finance work in licenses that the two companies have applied for in the 20th licensing round in the Barents Sea. Repsol will be an active partner for Det norske in the far north. This is part of Det norske's comprehensive push into this area.

Det norske also reports a solid result for the 4th quarter. The company has more than NOK two billion in cash and is positioned for rapid growth.

The agreement between Det norske and Repsol also includes a comprehensive cooperation on exploration both in the Norwegian Sea and the Barents Sea.

Chief Executive Officer Erik Haugane is very pleased with the Repsol agreement.

"This agreement will provide us with more clout to carry out our plans in the far north. It is an important step to strengthen our position as the 'number two' Company on the Norwegian shelf, and it is part of the strategy that the board of directors has set out for the Company. Agreements that we enter into with the industry, educational institutions and the science community will also strengthen the industry in the north and help it exploit the opportunities that the oil industry provides."