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Det norske oljeselskap ASA (DETNOR;
Eng.: The Norwegian Oil
Company) is the second largest oil
company in Norway. Det norske
is about to strengthen its position
further, recently (24 Aug 2009)
having entered into an integration agreement
with Aker Exploration
ASA.
On 16 September 2009, the companies’ boards of
directors
entered into the merger plan which specifies the further merger
process.
The two
companies´ combined
interests in terms of licenses and
operatorships will far outstrip
those of other independent competitors
on the Norwegian shelf.
The new company will retain the name Det
norske oljeselskap, with a
registered address in Trondheim, and offices
in Stavanger, Oslo, and
Harstad. Erik Haugane will be CEO, with Kjell
Inge Røkke, head of
Aker Exploration, proposed as chairman.
Det
norske’s existing shareholders will own 82% of the merged
company,
the remainder held by Aker Exploration’s shareholders.
Aker ASA will,
however, be the largest individual shareholder, with 30%.
The new company will have interests in 70 Norwegian licenses, 32 as
operator. Having Aker as
the largest owner
improves the company’s
chances of achieving its goal of becoming a
new big oil and gas
company, with several development projects and
substantial production
in Norway,
according to Erik Haugane. Det norske will
benefit from
Aker’s rig capacity, including the Songa Delta
and Aker Barents,
making it a more attractive partner for
programs on the Norwegian
shelf. This should also strengthen its
position when bidding in future
licensing rounds.
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