North Energy Exits Barents Sea Licence

Norway's North Energy has signed a sale and purchase agreement with Lime Petroleum to sell its 10% stake in production licence (PL) 707 in the Norwegian Barents Sea. 

"This transaction forms part of North Energy's current strategic process, where attention is concentrated on enhancing cost efficiency and optimising the licence portfolio," the company wrote in a statement. 

The effective date of the agreement is set at 1 January 2016, and the transaction is conditional on the approval of the Norwegian authorities. The parties did not disclose the price.

Once the sale is closed, the partners in licence 707 will be Edison Norge (50%, operator), PGNiG Upstream International (30%), and Lime Petroleum Norway (20%).