RWE Dea farms into North Sea production licence PL418 in deal with Wintershall

Monday, March 12, 2012
  • RWE Dea Norge, a wholly-owned subsidiary of the German upstream company RWE Dea, has entered into an agreement with Wintershall Norge to acquire 10 percent equity in production licence PL418 in the North Sea.

RWE Dea is thereby further strengthening its position in the northern North Sea, which is a core area for the company. RWE Dea operates the adjacent PL420, where the promising Titan discovery was made in 2010. RWE Dea is also a partner in the producing Gjøa field. The first well (35/9-7) in PL418 is located 14 kms southwest of the Gjøa field. The well will test the hydrocarbon potential of the Skarfjell Prospect.

PL418, which was awarded in Awards in Predefined Areas (APA) 2006, is operated by Wintershall. 'We are very pleased to have concluded this agreement with Wintershall and look forward to working with them as partner in this license. The agreement supports our goal, to sustain our presence near the North Sea Titan discovery in the Gjøa region', says Managing Director of RWE Dea Norge AS, Hans-Joachim Polk.

The farm-in is part of RWE Dea's strategy to have a balanced portfolio in its core areas in Norway. RWE Dea holds a broad license portfolio, including the operated discoveries Titan in the North Sea and Zidane in the Norwegian Sea. In 2012, RWE Dea Norge has been awarded seven new licenses, two of them as operator.

The farm-in agreement will be effective as of January 2012, subject to approval from Norwegian authorities.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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