Lotus Exploration and Production has signed a deal with ExxonMobil for a stake in the Sleipner field in the Norwegian North Sea.
The company said the deal includes a 15% share in Sleipner Ost, Sleipner Vest and Gunge oraz Loke gas and oil deposits.
Lotus also bought a 28% share in the Alfa Sentral deposit which is currently under development and is expected to begin production in 2020.
The deal is worth an estimated $160million with an additional payment of $25million for Alfa Sentral dependent on approval of the deposit’s development plan.
According to reports, the estimated average daily production for the year for the stake acquired by Lotus, is about 16,000 barrels of oil equivalent per day.