Sweden’s Lundin Petroleum has signed an agreement with Oslo-listed Petrolia for a block in the same area as the Johan Sverdup field off Norway.
The company has taken a 35% interest in production licence 674, which is located east of PLs 501 and 265 where the Johan Sverdrup field is located.
Lundin has taken a 15% interest from Petrolia and a 20% interest of a carve-out area of the licence from E.ON.
E.ON is the operator of the licence, with a 50% interest, while Petrolia holds the other 50%. After the deal is closed Petrolia will be left with 35%, while E.ON will hold 30%.
The effective date for the transaction is 1 January of this year, while the deal still remains subject to Norwegian government approval.
Petrolia was awarded the licence in early 2013 along with E.ON.
The licence lies adjacent to PL501 where Swedish explorer Lundin Petroleum made the original Avaldsnes find that, together with Statoil’s former Aldous Major South discovery, was renamed Sverdrup.
The companies recently signed an agreement for a licence in the same neighbourhood, which is one of the most prestigious in Europe.
Petrolia took a 10% stake in PL546, located to the north of Johan Sverdrup and adjacent to Lundin-operated PL501 that hosts part of the giant discovery located on the prospective Utsira High structure.
Lundin currently operates PL546 with a 60% interest, with partner Bayerngas on 40%.