Japanese oil firm Idemitsu Kosan has bought out ExxonMobil’s 25% stake in two Norwegian North Sea production blocks.
The deal, for an undisclosed value, increases Idemitsu Kosan’s stake in the PL 090 F and G blocks – which includes the H-Nord oil field, to 40%.
Statoil, which holds a 45% stake, operates both blocks, which are located around 5km north of the Fram oil field.
Idemitsu Kosan said in a statement it expects to generate around 2200 barrels of oil equivalent a day from the H-Nord field – almost double the earlier estimate – once it starts producing in the second half of 2014.
Recoverable reserves of H-Nord oil field are estimated at 10million boe, with Idemitsu’s share around 3million boe, with a subsea completion tie-back to the Troll platform through the existing facilities at Fram.