Norway-based energy company Hydro has agreed with Chevron North Sea to acquire its interests in the Mariner and Bressay fields on the UK continental shelf.

The acquisition contains 64.6% in the Bressay field and some 45% in the Mariner field, consisting of Mariner and Mariner East. The agreement is subject to approval by UK authorities, partners and the concurrence of Chevron’s senior management.

Torgeir Kydland, head of international business development in Hydro’s oil & energy business area, said: I am very pleased that we have reached this agreement with Chevron.

Hydro has been looking for areas where our heavy oil experience could be a way of increasing commerciality in new fields. These prospects are near to our home ground, and what we have learned from the development and production at Grane has proven useful also in the development work at Peregrino and increasing the recoverable reserves there, he added.