Norway’s first drilling rigBase office in Dusavik
Posted on by Kristin Øye Gjerde

Swap with Petronord group

person by the Norwegian Petroleum Museum
Phillips and its licence partners felt the blocks they had been awarded were rather too concentrated, and negotiations with the Petronord group reached agreement on an exchange of holdings.
— Petronord
© Norsk Oljemuseum

Operated by Elf, Petronord embraced several French companies and Norway’s Norsk Hydro industrial group. It had secured three licences covering 12 blocks in the first round.

The deal between the two sides meant that Petronord secured a 20 per cent holding in PLs 016, 017 and 018, while the Phillips group acquired the same proportion in the French-dominated licences. This swap was to prove very advantageous for Hydro.

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Norway’s first drilling rigBase office in Dusavik
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Published 22. May 2019   •   Updated 1. October 2019

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