Continued growth for Det norske

This article originates from the news archive of Det norske.

8. February 2008

Det norske (OSE: “DETNOR”) consolidates its position as the second-largest  operating company on the Norwegian Continental Shelf after the award of new licenses in Awards in Predefined Areas (APA) 2007.

Det norske oljeselskap is very pleased with the trust demonstrated in the group through the award of a total of 12 licenses. The group was awarded seven operatorships.

Subsequent to this round of awards, Det norske has interests in a total of 46 licenses, and is the operator of 24 of these.

CEO Erik Haugane says Det norske has made considerable investments over a long period of time in the acquisition and interpretation of data in the blocks covered by the license applications.

– We concentrate on the areas we have obtained insight into and where our solutions work well. To us, it is important to acquire significant owner positions in the licenses, and through these also assume a larger responsibility for the development on the Norwegian Continental Shelf. These awards confirm that our strategy is appropriate. It is important that we represent a strong alternative to StatoilHydro on the Norwegian Continental Shelf, states Haugane.

Det norske has ensured sufficient rig capacity to undertake extensive exploration drilling over the next years.

The increased level of exploration activities has been secured through long-term financing.

Det norske considers these license awards to represent a long-term and sensible development of the Norwegian Continental Shelf. Operating companies demonstrating
the required know-how and interest in developing resources deemed too small by
the larger companies are now given added responsibility for creating value out
of our common petroleum resources.

About Det norske:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 24 operatorships and interests in a total of 46 licenses. Last year (2007), the company drilled five exploration wells. Det norske’s scope of activities is limited to the Norwegian Shelf. 

Det norske currently employs a staff of 90, and the strong growth rate is expected to continue in 2008. The company headquarters are located in Trondheim, with offices also in Oslo, Harstad, and Stavanger.

Det norske oljeselskap emerged as a result of the combination between Pertra and DNO’s Norwegian operations. At the turn of the year, the stock value of the company amounted to NOK billion 4.5.