RWE Dea is to take 10% equity in one of Wintershall’s North Sea production licences on the Norwegian Continental Shelf.
RWE Dea said the farm-in to PL418 was part of its strategy to have a balanced portfolio in its core areas in Norway.
It already operates the adjacent PL420, where the promising Titan discovery was made in 2010.
RWE Dea is also a partner in the producing Gjøa field.
The first well (35/9-7) in PL418 is 14km south-west of the Gjøa field. The well will test the hydrocarbon potential of the Skarfjell prospect.
“We are very pleased to have concluded this agreement with Wintershall and look forward to working with them as partner in this license,” said managing director of RWE Dea Norge AS, Hans-Joachim Polk.
“The agreement supports our goal, to sustain our presence near the North Sea Titan discovery in the Gjøa region.”
The farm-in agreement will be effective as of January 2012, subject to approval from Norwegian authorities.