Sell-off to Danes

October 15, 1999, 10:00 CEST

A 20 per cent stake in Norway's Trym gas and condensate field in the North Sea has been sold by Statoil to Dansk Olie- og Naturgas (Dong).

Marking the Danish company's first move onto the Norwegian continental shelf, this transaction takes Statoil out of production licence 147.

The deal is subject to approval by the Norwegian authorities.

Trym contains some three billion cubic metres of gas and four million barrels of condensate. It lies close to the boundary with the Danish North Sea and due north of Denmark's Lulita field.

The sale forms part of Statoil's project to rationalise its licence portfolio by selling off interests in offshore regions not defined as core assets, where resources will be concentrated in future.

Other licensees in PL 147 are Shell (operator) with 50 per cent and the Norwegian state's direct financial interest (SDFI) with 30 per cent.