Det norske heads north with Repsol

Trondheim, Norway: Det norse oljeselskap has entered into a letter of intent with Spanish company Repsol YPF SA.

As part of the agreement, Repsol will help finance work in licenses that the two companies have applied for in the 20th licensing round in the Barents Sea. The agreement also includes a comprehensive cooperation on exploration in the Norwegian Sea and the Barents Sea. Repsol will be an active partner for Det norske in the area. Det norske CEO Erik Haugane commented, “This agreement will provide us with more clout to carry out our plans in the far north. It is an important step to strengthen our position as the “number two” company on the Norwegian shelf, and it is part of the strategy that the board of directors has set out for the company. Agreements that we enter into with the industry, educational institutions and the science community will also strengthen the industry in the north and help it exploit the opportunities that the oil industry provides.” Det norske’s currrent activities are on the Norwegian Continental Shelf. The company sold its interest in the Goliat field in the Barents Sea last year.

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