Det norske will acquire 10 per cent interest in production licence 722, in the Barents Sea, from North Energy ASA.
The licence was awarded in the 22nd licensing round, and is subject to a drill or drop decision in the second quarter of 2016.
According to its press release, the transaction with Det norske forms part of North Energy’s current strategy process, where attention is concentrated on enhancing cost efficiency and optimising the company’s licence portfolio.
Following completion of the agreement, the partners in PL 722 will comprise GDF Suez E&P Norge AS, operator with a 30 per cent interest, Pure E&P Norway AS 20 per cent, Spike Exploration Holding AS 15 per cent, Tullow Oil Norge AS 15 per cent, Explora Petroleum AS 10 per cent and Det norske oljeselskap ASA 10 per cent.
In 2014, North Energy swapped 10% of its interest in PL 722 for 20% in PL 484 in the Norwegian Sea with Explora Petroluem.
North Energy noted that the effective date of the agreement has been set as January 1, 2015, and it is conditional on the approval of the Norwegian authorities.