DONG Energy has divested its ownership share in five producing Norwegian oil and gas fields to Faroe Petroleum.
DONG has divested a 50% share in Trym, 55% share in Oselvar, 45% share in Tambar, 43.24% share in Tambar East and a 20% share in Ula. DONG Energy is the operator of subsea installations Oselvar and Trym and is a partner in Ula and Tambar, which are both operated by BP.
“It is very satisfying that we have reached an agreement with Faroe in respect of these five assets. This transaction is an important step towards optimising our oil and gas asset portfolio with a focus on high quality, low-cost assets,” said David Cook, executive vice president of DONG Energy.
DONG Energy will continue as a partner in the Norwegian fields Ormen Lange, Alve, Marulk and Gyda, and as operator of the Mjølner discovery.
The deal is subject to approval by Norwegian authorities and is expected to complete during the latter part of 2016.