Minister hails ‘new chapter’ as Lukoil buys stake in Norwegian oil licence

Lukoil subsidiary Lukoil Overseas North Shelf , has acquired a 20% stake in the first Norwegian oil exploration licence to be put out to tender for two decades, the Norway’s Petroleum Minister Tord Lien confirmed yesterday. “Today, we are opening a new chapter in the history of the Norwegian Petroleum industry,” he said. “For the first time in twenty years, we offer new acreage for exploration. This will contribute to employment, growth and value creation in Norway.” A further 40% of  the PL858 offshore license was  acquired by Det Norske as project operator, with  Statoil and Petoro taking control of  20% each.