Centrica’s Norwegian upstream business is to up its stake in its Fogelberg discovery after agreeing a £44million deal with oil firm North Energy.
Centrica Resources (Norway) is to buy North Energy’s 12% stake in the offshore licence containing the Fogelberg, found in 2010, taking its operated stake to 40%.
A statement from North Energy today said development options being looked at were expected to lead to a plan for development and operation within a few years.
The other partners are Petro-Canada Norge (30%), Faroe Petroleum (15%) and E.ON Ruhrgas Norge (15%).
The deal is subject to approval by Norwegian authorities and is expected to complete in the second quarter of 2012.