Det norske oljeselskap ASA (DETNOR) 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 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.
About Det norske (DETNOR`):
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 27 operatorship and interests in a total of 47 licenses. Det norske is the operator of the Frøy Field development and will also operate eight to nine exploration wells in the North Sea and Norwegian Sea during 2009. Det norske’s scope of activities is limited to the Norwegian Continental Shelf (NCS).
Det norske currently employs a staff of more than 130 and the strong growth rate continues. The company`s registered office is located in Trondheim and the headquarter operations is divided between Oslo and Trondheim. The company also has offices in Harstad, and Stavanger.