GDF Suez has signed a contract with Idemitsu for the acquisition of 10% share in the license PL 420, in the North Sea.

PL 420 is situated between the Gjøa field and the Skarfjell discovery, and contains the discovery Titan.

The exploration well Atlas in the license started November 4, with the semi-submersible rig Leiv Eiriksson. The operation is estimated to last for 61 days. RWE Dea Norge AS is the operator.

This agreement increases GDF Suez equity to a 20% share in PL 420, as the company recently acquired a 10% share in the licence PL 420 from Statoil. Idemitsu divests from 30% to 20% share in the license. The other license partners are RWE Dea Norge AS (30%, operator), Idemitsu Petroleum Norge AS (20%), Statoil Petroleum AS (30%).

The company says that the transaction is pending authorities’ approval.

Source: www.offshoreenergytoday.com

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