The assets Neptune is divesting include the producing Draugen, Brage and Ivar Aasen fields, as well as the Edvard Grieg Oil Pipeline and the Utsira High Gas Pipeline, located on the NCS.
As a result of this transaction, Neptune will no longer hold participating interests in these assets.
OKEA is to acquire a 2.2% interest in the Ivar Aasen Unit.
M Vest is to acquire a 0.8% interest in the Ivar Aasen Unit, 7.56 % in the Draugen field, 4.4% in the Brage Unit, 1.2% in the Edvard Grieg Oil Pipeline and 1.8% in the Utsira High Gas Pipeline.
Neptune will focus its portfolio on core areas. In Norway these are the Gjøa, Gudrun, Njord, Dugong and Snøhvit fields.
The agreed consideration totals up to US$35 million. All decommissioning liabilities will be transferred to the buyers.
The effective date for the agreements is 1 January 2022, subject to Ministry approval.
Read the latest issue of Oilfield Technology in full for free: Issue 3 2021
Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.
Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/12112021/neptune-energy-divests-non-operated-working-interests-in-norway/