Press Release

No.: 30/99
Date: 10.05.99

Transfer of interest from Saga to Gaz de France not approved

Based on the current framework and practice, the Ministry of Petroleum and Energy can not approve the transfer of Saga's 6 per cent participating interest in production licence 120 to Gaz de France. The transfer includes a 4,2 per cent interest in the Visund field.

In a White Paper regarding the petroleum activities, which is planned to be submitted to Parliament next spring, the Ministry of Petroleum and Energy will address the issue of future licensing policy concerning participation from companies on the Norwegian Continental Shelf.

Gaz de France is currently not a licensee on the Norwegian Continental Shelf.

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Contact:
Sissel Edvardsen, tel. +47 22 24 61 09