Premier Oil sells Norwegian subsidiary
Norway Assets include a 50-percent stake in the Vette project, which Premier Oil carried to advanced stages, a 50-percent interest in each of the neighbouring Mackarel and Herring discoveries, a non-operated interest the Froy Field, as well as seven exploration licences in the North Sea.
Det Norske announced in a statement that the purchase of the company and its assets reflected “their firm belief in the Norwegian Continental Shelf.”
Proceeds from the sale will go to cover Premier Oil’s $2.3-billion debt. The company announced on November 12 that it would resume its development in the Solan and Catcher fields in UK North Sea.
For more news and features on Norway, click here.
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