Danish Energy Cos. Join Up In $2.2B North Sea Oil Project

Law360, New York (February 27, 2012, 1:37 PM EST) -- State-owned Danish energy company Dong Energy AS has agreed to a joint venture deal with a fellow Danish gas company on a $2.2 billion oil field development in the North Sea, Dong said Monday.

Dong has a 60 percent stake in the joint venture agreement with Bayerngas Danmark ApS and will contribute more than $1.3 billion to the Hejre oilfield project, it said. Bayerngas owns the remaining 40 percent of the Hejre field.

Construction on the project is expected to begin later this year, with its...
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