Chrysaor Buys Stakes in OKEA’s 2 Licenses

North Sea oil producer Chrysaor Norge has exercised an option to buy stakes in OKEA’s Grevling and Storskrymten discoveries offshore Norway.

The Norwegean oil production company OKEA confirmed the sale of 20% of the Company's participating interest in Grevling (PL 038D) and 18.57% of the Company’s participating interest in Storskrymten (PL 974) following Chrysaor's options exercise.

The Ministry of Petroleum and Energy has approved Chrysaor's purchase, said a stock exchange announcement.

Completion of the transactions is expected to occur no later than 31 December 2019, it said.

Last year, Chrysaor bought a 15 percent stake in the OKEA-operated PL038D license, containing the Grevling discovery. The acquisition was first announced in March 2018.

Okea estimates that Grevling contains around 32.6 million barrels of recoverable oil.