Aberdeen oil firm DEO Petroleum has increased its stake in the North Sea Perth field by 10% after Maersk Oil withdrew from the project.
Maersk’s 19.1% equity in the discovery, 114 miles north-east of Aberdeen, has been divided between the other three companies with an interest on a pro-rata basis.
It means DEO now has an interest of just over 52% in Perth, where it is operator.
Faroe Petroleum and Atlantic Petroleum hold 34.6% and 13.3% respectively.
Maersk’s stake was divided up under the fallow initiative system, which makes energy companies surrender undeveloped areas of the UK’s seas previously allocated to them so other firms can explore and bring fields on stream.
DEO’s chief executive David Marshall said: “The opportunity at this time to acquire additional equity in what is a core asset to DEO is welcomed.
“Having submitted a field development plan for Perth at the end of September, we are actively engaged with the various regulatory authorities to secure the necessary consents to proceed with our development plans.”
Mr Marshall added approval was expected in around four months.