OKEA sells part of Grevling oil discovery to Chrysaor

Chrysaor, a private UK-based oil company has acquired a stake in Grevling oil discovery in the Norwegian sector of the North Sea.

The company has bought a 15 percent stake in the OKEA-operated PL038D license, containing the Grevling discovery.

Once the deal is complete, the partners in the license will be OKEA (55%), Petoro (30%) and Chrysaor (15%).

As part of the transaction, Chrysaor has an option to further increase its interest in the license to 35%. Partners in the Grevling licence are actively reviewing development concepts and expect to conclude on the development concept late this year, OKEA said in a statement on Monday.

Erik Haugane, Chief Executive of OKEA, said: “We welcome Chrysaor to Norway. For OKEA to succeed in our business strategy to develop and produce fields outside the focus of the large oil companies, we need a partner with a similar focus. Chrysaor is a company to our liking with scale, infrastructure, and expertise. OKEA look forward to learning from their UK experience and work with them on Grevling and other opportunities in Norway.”

No details were given on the financial side of the transaction. Offshore Energy Today has reached out to Chrysaor seeking more info on the acquisition.

The news of the Grevling stake buy comes just days after Chrysaor announced it would acquire Spirit Energy’s entire interests in the Armada, Maria, and Seymour fields offshore the UK for an undisclosed sum.

In November 2017, Chrysaor completed the acquisition of several UK North Sea fields from Shell, for up to $3.8 billion. The buy of Shell’s interests in Beryl, Bressay, Buzzard, Elgin-Franklin, Erskine, Everest, the Greater Armada cluster, J Block, Lomond, plus a 10% stake in Schiehallion has made Chrysaor one of the largest producers of oil and gas in the UK