Two oil and gas licenses in the North Sea for new owners. The Danish Energy Agency has approved that Petrogas and Danoil will take over full ownership of two existing licenses for oil and gas exploration and production in the North Sea. This is after Dana Petroleum Netherlands B.V. (Dana PLC) and Nordsøfonden have chosen to withdraw. The agency states this in a press release.
The licenses in question are the so-called Robin Hood licenses in the North Sea, which consist of license 12/06 (Lille John & Broder Tuck) and license 4/16 (Broder Tuck nabo).
The Robin Hood licenses are located in the southern part of the Danish North Sea. The licenses were awarded in 2006 (Lille John & Broder Tuck) and 2016 (Broder Tuck nabo). Two discoveries have been made in permit 12/06: Broder Tuck (Mid Jurassic gas/condensate) and Lille John (Mid Miocene oil). However, no decision has yet been made on the development of the fields, whose permits run until 2046.
Going forward, Petrogas will take over the role of operator for the permits and will have an ownership interest of 85 percent, while Danoil will own the remaining 15 percent. The Danish Energy Agency has assessed that Petrogas and Danoil will also possess the necessary and sufficient technical and financial capacity after the transfer.
"The Danish Energy Agency's approval is subject to conditions, among others, that MAB LLC provides a parent company guarantee for Petrogas' obligations. MAB LLC is the parent company of the Petrogas group and is domiciled in Oman. The parent company guarantee that OK has already provided for Danoil's obligations is assessed as sufficient. Danoil is part of the Danish OK group," the announcement reads.
Although Dana PLC and Nordsøfonden are withdrawing from the licenses, their responsibility for the areas does not completely cease. The parties must therefore submit a declaration of subsidiary liability for damages that may later arise in connection with the wells that have already been decommissioned. This is done to increase the financial security provided to the state, the Danish Energy Agency informs.
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