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BRIEF-Oil firm DEA snaps up Norway assets from Engie
December 23, 2016 / 7:34 AM / a year ago

BRIEF-Oil firm DEA snaps up Norway assets from Engie

Dec 23 (Reuters) - DEA says in a statement:

* DEA acquires participating interest in seven licences in the Njord area in the Norwegian Sea, including 20 pct increased interest in the Njord field, from Engie’s Norwegian exploration and production unit

* DEA says all together the acquisition adds approximately 45 million barrels oil equivalents in reserves and contingent resources

* DEA declined to disclose the price tag but said the deal had “attractive economics”

* The deal includes 20 pct in the Njord field, 10 pct in the Hyme field, 10 pct in the Snilehorn discovery, 15 pct in the Noatun discovery and 20 pct in the North Flank discovery

* “The farm down is part of ENGIE E&Ps active portfolio management. We will still hold a solid position in all of these licences, and will maintain our ambitions for the Njord-area,” Engie said in a separate statement

* “The divestment will reduce ENGIE’s E&Ps exposure in the area by 50% and give us a more balanced position,” it added

* DEA plans to invest around NOK 15 billion ($1.72 billion) in Nrway over the next four years, a spokesman said, adding that this among other things covers investments in the Njord, Snorre and Dvalin fields

* The transaction will be effective from 1 January 2017 and the agreement is subject to governmental approval

* Other partners in Njord are Statoil, Faroe Petroleum and VNG Further company coverage: ($1 = 8.7064 Norwegian crowns) (Reporting By Stine Jacobsen)

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