Polish oil firm Lotos has made a major move into the North Sea after buying Centrica’s Norwegian assets for £110million.
The deal will see Lotos take over operatorship of the Fulla field, along with a 30% stake in the Byggve/Skirne field and a 5% stake in the giant Heimdal gas field.
It will also take a 20% interest in the Atla and 25.8% stake in the Vale fields, along with 10% of the FriggGammaDelta discovery and 7.9% share in the Rind discovery.
“This investment shows our commitment to build a strong foothold on the Norwegian Continental Shelf and represents a step-change for LOTOS,” said Lotos president Pawel Olechnowicz.
“The acquisition is in line with our strategy to secure additional upstream assets to balance Grupa LOTOS’ exposure in the downstream activity.”
Three of the fields already produce 5000 barrels a day of oil and gas, doubling the company’s output, with potential reserves of 40million barrels on the fields in development or planning.
The move comes after Lotos lost around £240million on its stake in the Yme field in the Norwegian North Sea, after the Talisman-operated platform failed to restart following its evacuation over safety concerns last July.