IDEMITSU OIL INVESTS
IN NORWEGIAN FIELDA major Japanese oil developer said Wednesday it had obtained a 9.6 percent stake in Norway's North Sea oil concession from the state-run oil firm, Statoil, for 22 to 30 billion yen ($156 million to $213 million).
Idemitsu Oil Development Co. said that Statoil owned 51 percent of the 693 square kilometer concession, northwest of Bergen, the second largest Norwegian city.
It said the concession included the Snore oil field, the tenth-largest North Sea oil field in terms of recoverable reserves, estimated at 700 million to 800 million barrels.
Daily output is estimated at 190,000 barrels, it said. The company plans to take delivery of crude oil after production starts in the second half of 1992.