MOL Group has committed to drill three exploration wells offshore Norway during 2015-16 under an agreement to buy Ithaca Petroleum Norge from Ithaca Petroleum Ltd., part of Ithaca Energy, for $600 million.
Ithaca Petroleum Norge holds 14 exploratory licenses offshore Norway and operates three of them.
The deal provides for bonus payments totaling up to $30 million for exploratory success.
MOL plans to merge Ithaca Norge into MOL Nordsjon BV.
