Maersk Oil Awarded Norwegian E&P License

Maersk Oil and Norsk Hydro have been awarded an oil and gas exploration and production license for part of Block 2/5 as well as Block 2/6 on the Norwegian continental shelf. The license was awarded in the "Predefined Areas 2003" Norwegian licensing round.

Maersk Oil holds a 40% interest in the license, whereas Norsk Hydro is operator and holds a 60% interest.

During the initial (3-year) period, the work program will comprise acquisition of new seismic and study work with a view to making a later decision on drilling.

Maersk Oil was earlier in 2003 approved as operator on the Norwegian continental shelf but has not previously applied for any Norwegian license.