Chrysaor said today that it had agreed to buy stakes in another North Sea oil field.
The firm will purchase 15% of a Norwegian North Sea licence containing the Grevling discovery from Okea.
Upon completion Okea will own 55% of the licence, Petoro will have 30% and Chrysaor will have 15%.
Chrysaor has an option to further increase its interest to 35%.
Project partners are considering developing Grevling via a tie-back to Chrysaor’s Armada platform, in the UK sector of the North Sea.
Last week, Chrysaor announced the acquisition of Spirit Energy’s stakes in three North Sea fields.
Chrysaor chief executive Phil Kirk said: “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 and drive growth initially through our operated infrastructure.
“We look forward to exploring development options with our new partners and in due course building a material business in Norway.”
Okea chief executive Erik Haugane said: “We are delighted to welcome Chrysaor onto the licence and to Norway. For OKEA to succeed against its business strategy to develop and produce fields, which are outside the focus of the large oil companies, we need partners with aligned priorities and Chrysaor is an ideal partner for OKEA with its significant scale, infrastructure and expertise.
“We look forward to leveraging Chrysaor’s UK experience, and working with them on Grevling and further opportunities in Norway.”
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