World of Oil ///

Two Norwegian exploration companies entered into a merger plan that will form the second-largest oil company on the Norwegian Continental Shelf, after StatoilHydro. Det norske oljeselskap ASA and Aker Exploration agreed on Sept. 16 that Det norske’s shareholders will receive 82% of the shares of the merged company, which will retain the name Det norske oljeselskap ASA, while Aker Exploration’s shareholders will receive 18%. The merger is expected to be registered and completed within 2009. Aker ASA will be the largest shareholder, with about 30% of the new company’s shares. The combined company will operate for 32 licenses and have a total of 70 licenses in its portfolio.

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