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Norsk Hydro sells stake in Norwegian offshore production licence 153 to Gaz de France
Nordic Business Report, May 8, 2003
NORDIC BUSINESS REPORT-8 May 2003-Norsk Hydro sells stake in Norwegian offshore production licence 153 to Gaz de France(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com
The Norwegian energy and materials group Norsk Hydro said today (8 May) that it had entered into an agreement to sell a 30% stake in production licence 153 in the Norwegian offshore sector, including the oil and gas discovery Gjoa, to Gaz de France.
The transaction did not include Norsk Hydro's share in the western part of PL 153, Norsk Hydro said.
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The sales price was not disclosed but Norsk Hydro said that it expected the deal to result in an after-tax profit of NOK250m, which would be used for further growth within the company's core areas.
One Norwegian krone (NOK) is worth approximately 0.09 British pounds (GBP).
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