OilVoice - Bayerngas Norge Awarded Six Licenses in the APA 2009

Bayerngas Norge Awarded Six Licenses in the APA 2009

Wednesday, January 20, 2010

Bayerngas Norge has been awarded six licenses in the APA 2009 licensing round on the Norwegian continental shelf. The award marks an important milestone for the company, which has strong ambitions for future growth and development.

"The award of the six licenses is strategically very important, and in line with the company's efforts to strengthen our position on the Norwegian continental shelf," says Arne Westeng, Managing Director of Bayerngas Norge.

Bayerngas Norge has had strong growth and development since the start-up in 2006, and is aiming for future growth. The six licenses suits the existing Bayerngas Norge portfolio well.

Bayerngas Norge has activities in Norway, Denmark and in the UK, with a total of 38 licenses. In Norway, the company currently participates in one field in production and three field developments.

"With an exploration and appraisal budget of approximately NOK 1,0 billion, the company has scheduled an exciting program for 2010, with participation in the drilling of up to 10 wells. We will focus on strong organic growth this year," says Westeng.

Bayerngas Norge has through the acquisition of the Norwegian part of PA Resources in late 2008, and Genesis Petroleum plc in September 2009, built up a solid knowledge base. The company will continue its active participation in future licensing rounds, and compete for attractive license shares.

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