Okea to Buy Repsol's North Sea Yme Stake

Norway's Okea, a new up oil company, will buy Spanish oil firm Repsol's 60-percent stake in the North Sea oilfield Yme for free, its chief executive told Reuters on Monday.

The 60-million-barrel oilfield had been a problematic project to develop for its previous owner, Canada's Talisman, which was taken over by Repsol in 2014.

"We will bear the costs of the development," Okea's CEO Erik Haugane told Reuters, adding that Repsol will not have to pay for the removal of the current installation.

Other partners in the field are Lotos of Poland, Wintershall, a unit of German chemical firm BASF and Kufpec of Kuwait.

Reporting by Ole Petter Skonnord