Norwegian company OKEA said it had entered into a sale and purchase agreement with Repsol for a 60% stake in the Yme field.
The company said the move will be subject to approval by the Norwegian authorities once an update plan for development and operation has been submitted.
OKEA said the move represents a “big opportunity” for the license to unlock resources from the Yme field.
Chief executive Erik Haugane said: “We think Yme has a potential to produce significant values for the owners and society, and we are very happy to get the opportunity to work together with Repsol and license partners to unlock these resources.”
The deal represents OKEA’s first position on the Norwegian Continental Shelf.