RWE Dea Norge has secured 40% share in the PL721 license as part of the Norwegian government's 22nd licensing round.
The PL721 license is located in the north-west region of the Barents Sea.
The award supports the company’s long term strategy to build a strong portfolio in on the Norwegian Continental Shelf (NCS).
The PL721 license is located north of Skrugard and Havis, two of the most significant discoveries made on the NCS in recent years.
RWE Dea Norge’s partners on PL721 are Repsol Exploration Norge, OMV (Norge) and Wintershall Norge, each with a 20% stake in the license.
RWE Dea Norge Exploration manager John Clark said, "This is an exciting prospect. Exploration is moving northwards in the Barents Sea, and the license is a promising addition to our portfolio."
RWE Dea Norge managing director Hugo Sandal said the operatorship in the license increases the company’s presence in the western region of the Barents Sea.
"RWE Dea Norge is seeking to strengthen and expand our license portfolio, whilst continuing to develop our current licenses as operator or partner," Sandal added.
"We are very appreciative that the Ministry of Petroleum and Energy recognizes this by awarding us operatorship on this exciting new license and we are glad to be one of 13 companies awarded operatorship in the region in this round."