March 26, 2018 / 6:12 AM / in 6 months

Chrysaor enters Norwegian North Sea with stake acquisition

LONDON, March 26 (Reuters) - Oil and gas producer Chrysaor said on Monday it had agreed to acquire a stake in the Grevling field in the Norwegian North Sea from OKEA AS as it seeks to boost its production.

The acquisition of the 15 percent stake is the private equity-backed firm’s entry into oil-rich Norway and the second deal it has announced in under a week.

Privately owned OKEA will retain a 55 percent stake while Norwegian state-owned Petoro holds a 35 stake in the field. Chrysaor has an option to increase its stake to up to 35 percent, it said in a statement.

The value of the deal was not disclosed.

The partners are considering the Grevling discovery’s development options and could export oil and gas through Chyrsaor’s nearby Armada oil and gas platform in the UK North Sea.

“The farm in to Grevling represents Chrysaor’s entry into the Norwegian sector, a key step in our strategy as we look to add reserves,” Chief Executive Phil Kirk said in a statement.

Backed by Harbour Energy, an investment vehicle of EIG Global Energy Partners, Chrysaor has stakes in 10 fields and produces around 130,000 barrels per day of oil and gas, making it the largest independent North Sea producer.

Reporting by Ron Bousso, editing by David Evans

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below