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Pandion Energy acquires ONE-Dyas's Norway operations

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Oilfield Technology,

Pandion Energy has signed an agreement with ONE-Dyas Holdings B.V. to acquire ONE-Dyas Norge AS. The transaction includes a 10% share of the Nova field and a total of 11 exploration licences.

The Nova field is expected to start production in the second half of 2022. The field, located in the northern part of the North Sea, is being developed with two subsea templates tied back to the existing Gjøa platform. Nova (previously Skarfjell) was discovered in 2012 and the plan for development and operation (PDO) was approved in 2018. The use of existing infrastructure enables effective extraction of the resources and Nova will be sustainably operated with hydropower from shore through Gjøa.

Through its 10% ownership in the Valhall and Hod fields, Pandion Energy currently produces over 5000 boe/d, set to increase further as the new Hod B platform comes on stream in 2022. The Valhall area has been fully electrified from shore since 2013. The combined Valhall and Nova production will, in line with Pandion Energy’s Net Zero Carbon strategy, have among the lowest CO2 intensity levels on the NCS.

CEO of Pandion Energy, Jan Christian Ellefsen, said: "This transaction represents a new leap in the Pandion story and secures the foundation for further growth. Our asset base is strengthened and, with Nova on stream, our daily production will more than double."

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