It seems to me... ...that Players in the North Sea are buying and selling bits and pieces of each other in a "Jockeying for position" style game all the time. Best GOLONG
Denmark's Dong Energy has upped its stake in the South Arne oil field by acquiring more equity.
Dong has agreed to acquire a further 2.4% equity in the Danish North Sea oil field in a deal with Norway's Noreco. Field partner Danoil is increasing its equity too.
The equity is being acquired after South Arne partners Dong Energy and Danoil both exercised their pre-emption rights to acquire more field shares following the deal by Noreco announced in August to sell its South Arne field equity to Hess.
“This field has been a strong asset for us for a number of years, and the acquisition of Noreco’s share will give us a further stake in the existing oil and gas production,” stated Flemming Horn Nielsen, Dong Energy's country manager for the Danish North Sea.
“At the same time, we are looking forward to further production from the ongoing development of the field, which shows that the Danish North Sea is still offering potential,” he added.