Bayerngas Norge today been awarded 9 licenses in the Awards in Pre-defined Areas (APA) . Through the awards the company further strengthens its position on the Norwegian Continental Shelf.
“Through these awards we have strengthened our position further in our core areas around the Frøya Hights and the Utsira Hights and we have reinforced our position in the Northern areas. In addition we have been awarded licenses we see as strategic important to our portfolio. In addition, the awards of two operatorships are in line with our long term ambition to run continuous drilling operations on the Norwegian shelf. I am very happy with the work our employees have done and the results we have achieved,” says Arne Westeng, managing director Bayerngas Norge.
Bayerngas pursues a long term strategy with the aim to establish a substantial producing portfolio and cash flow. The portfolio today includes six producing assets and three fields under development. On this basis the company has over the last years focused on organic growth. Today’s awards reinforce the potential for organic growth. Bayerngas now has (69) licenses of which (51) in Norway.
“It is a long term objective of our shareholders to strengthen the position of Bayerngas Norge and secure access to gas. In addition we are happy to see that the groups of partnerships we will cooperate with in the new licenses are strong and ambitious. This looks promising for the future, says Arne Westeng.
Press Release, January 22, 2014