As part of active management of Hydro's oil and gas portfolio Hydro has sold interests in six licenses in the Njord and Brage area to OER Offshore Engineering Resources A/S. The divestments will result in an estimated accounting gain of approximately NOK 70 million.
Hydro has signed an agreement with OER for the sale of 4.4424% in Brage Unit (20.6% share in PL053B and 3.2% share in each of PL055, PL055B and PL185) and 2.5% in Njord Unit (2.5% in each of PL107 and PL132).
Hydro will retain a 20% share in Brage and a 20% share in Njord and remain operator of both fields. As a result of this sale Hydro's equity will be harmonized in all four Brage licenses. The transaction is subject to necessary approvals from Norwegian authorities.