By OGJ editors
HOUSTON, Mar. 23 -- DONG Energy has agreed to acquire ConocoPhillips Petroleum International Corp. Denmark for $300 million from Phillips Petroleum International Corp.
With the acquisition, DONG Energy will assume control of ConocoPhillips's equity in three Danish licenses�Hejre, Hejre Extension, and Svane, all of which ConocoPhillips Denmark currently operates.
Following the acquisition, DONG Energy will operate all three licenses and will own 50% of the Hejre license. ConocoPhillips currently holds a 30% share of Hejre, and DONG Energy, 20%.
DONG Energy estimates the ConocoPhillips Denmark 30% share in the Hejre license represents 35-40 million boe, of which 2.5-3 billion cu m is gas.
Equity amounts and reserves estimates were not identified for the Hejre Extension and Svane licenses, which DONG Energy said include "discoveries and further exploration potential."