OKEA acquires Aurora discovery from Equinor

Published by Nicholas Woodroof, Editor
Oilfield Technology, Wednesday, 15 July 2020 15:00

OKEA ASA has signed a Sales and Purchase Agreement (SPA) with Equinor for the acquisition of Equinor’s 40% operated working interest in PL195 and PL195 B, which include the Aurora discovery, with effective date 1 January 2020.

Aurora is a small gas discovery in the North Sea located west of the Gjøa field. OKEA estimates that the recoverable volumes are in the range of 12-28 million boe. Wintershall DEA and Petoro each holds respectively 25% and 35% working interest each in the licenses. OKEA aims to become operator for the licences and pursue a low-cost development of Aurora as a tie-in to Gjøa without further appraisal drilling. Both the transaction and a potential change in operatorship are subject to approval by the Ministry of Petroleum and Energy.

“By this transaction we are diversifying our portfolio as well as strengthening our position in the Gjøa area. A development of Aurora fits right into the core of OKEA’s strategy with low-cost field development of smaller discoveries”, said Erik Haugane, CEO of OKEA ASA.

Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/15072020/okea-acquires-aurora-discovery-from-equinor/

Rystad Energy: M&A boom in South East Asia to see US$5 billion of upstream assets for sale

Tuesday 28 March 2023 09:25

Southeast Asia will be a hotbed for upstream mergers and acquisitions (M&A) in the next two years, with more than US$5 billion of assets up for grabs, Rystad Energy research shows.

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