Oil and gas firm Premier Oil said today it had agreed a deal to increase its stakes in two Norwegian fields.
The deal with Norwegian firm Skeie Energy will see it buy 20% in the Bream development, taking its holding to 40%, and double its holding in the PL406 licence, which it operates, to 80%.
Project sanction of the Bream development is planned for the second half of 2012, with first oil targeted for late 2015 at an initial production rate of 14,000 barrels of oil per day, Premier said.
The deal, which will cost £6.3million upfront and then £11million on certain conditions, is subject to approval from the Norwegian authorities.
Premier chief executive Simon Lockett said: “We are delighted to have this opportunity to increase our interest in the Bream project, which is making good progress towards project sanction.
“This transaction further demonstrates our commitment to becoming a full cycle exploration and production company in Norway.”