Dong Energy has said that it bought an additional 15% stake in the Ula oil field from Sweden's Svenska Petroleum Exploration for about $130 million.
According to the company, after the deal, it has 20% of Ula. The Ula oil field is situated in the southern Norwegian part of the central North Sea and, together with the Gyda and Tambar fields, makes up the so-called UGT area, which is one of Dong Energy’s core areas within exploration and production, the company said.
The Ula field has a long life expectancy and could consequently become central to the development of other fields in the area, including the discovery of Oselvar, where Dong Energy completed an appraisal drilling in 2008, the company added.
Soren Hansen, executive vice president of Dong Energy, said: With this acquisition, we are securing additional oil production and reserves while at the same time increasing our ownership interest in a centrally located field in relation to maturing and expansion of our other licenses in the area.