Unocal announces sale of UK unit
Sugar Land, Texas, May 20, 1997 -- Unocal Corporation said today that it has sold the entire issued share capital of its Unocal Britain Limited subsidiary to DNO ASA, subject to approvals by United Kingdom regulatory authorities. The terms of the sale were undisclosed.
Unocal Britain Limited is the operator of, and holds a 31.25% interest in Block 2/5, including the Heather Field and of the adjoining Block 2/4 in the United Kingdom Sector of the North Sea. Prior to the sale, DNO ASA, an initial partner with Unocal, held a 6.25% interest in the Heather Field and Block 2/5 and 2/4.
"This sale marks the exit of Unocal from the UK Sector of the North Sea," said John Parmigiano, managing director of Unocal's operations in the UK and Dutch Sectors of the North Sea. "However, our interests in the Dutch Sector remain unaffected."
Updated: May 1997