France's ENGIE Sells Stake in N.Sea Oilfield

Source Reuters
Company ENGIEWellesley Petroleum AS 
Tags Asset Deals, Deals, Upstream Activities
Date February 09, 2016

France's Engie has sold a 20-percent stake in a North Sea oilfield for an undisclosed sum to Wellesley Petroleum, a Norwegian oil firm with private equity backing, it said on Tuesday.

Engie retains a 30-percent stake in the field and the operatorship of the license, called PL 636. The other partners in the field are Japan's  Idemitsu with 30 percent, London-listed  Tullow Oil with 20 percent and now Wellesley Petroleum with 20 percent.

The partners will drill one well in the license this summer, in a prospect called Cara, Engie said.

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