Det Norske, Petoro Main Losers of Norwegian Government’s Decision on Johan Sverdrup Field

Norway’s Ministry of Petroleum and Energy (MPE), called to resolve the dispute about stakes in the giant Johan Sverdrup field, cut the shares of Det Norske Oljeselskap and Petoro. 

Det Norske, controlled by billionaire Kjell Inge Roekke, was the company that questioned the proposed split in the development plan presented in February.

Det Norske’s share further fell to 11.5733% from 11.8933%. 

“We will now study the decision thoroughly before we decide how to proceed,” Karl Johnny Hersvik, CEO of Det norske oljeselskap, commented in a note released on Thursday. 

According to Bloomberg, the Det Norske is likely to take this decision to court. 

The new partnership is the following: Statoil (40.0267%), Lundin (22.6000%), Petoro (17.3600%), Det norske (11.5733%), Maersk Oil (8.4400%).

Petoro was the other “loser”, seeing its share fall to 17.36% from 17.84%. 

On the other hand, Maersk Oil saw its share increase from 8.12% to 8.44%, while Lundin was handed 22.6% compared with 22.12% earlier. 

Also on Tuesday, the Norwegian Petroleum Directorate (NPD) said that Det norske oljeselskap completed the drilling of appraisal wells 16/1-22 S, 16/1-22 A and 16/1-22 B in the Ivar Aasen field in the central part of the North Sea.

‘Gas was not encountered in the wells” NPD wrote on its website.