PetroNor to form joint venture for Aje field redevelopment offshore Nigeria
July 13, 2022
PetroNor has completed its purchase of Pan-Petroleum Nigeria Holding and Pan-Petroleum Services Holdings from Panoro Energy.
Courtesy PetroNor E&P
Oil Mining License (OML) 113 is currently not producing, according to PetroNor, and its partners include YFP, YFP-DW, New Age, Energy Equity Resources and ADM Energy.
Offshore staff
OSLO, Norway — PetroNor has completed its purchase of Pan-Petroleum Nigeria Holding and Pan-Petroleum Services Holdings from Panoro Energy.
The two acquired companies hold 100% of the shares in Pan-Petroleum Aje, which has a 6.502% participating interest and a 16.255% cost-bearing interest in Nigeria’s OML 113 offshore license, containing the Aje oil and gas field.
The transaction allows PetroNor to proceed with the establishment of Aje Production AS, a joint venture with the license operator Yinka Folawiyo Petroleum, which will lead redevelopment of the Aje Field.
Production from Aje started in May 2016 through the Front Puffin FPSO. Two wells were in service prior to the suspension of oil production last November, Aje-4 (oil) and Aje-5ST2 (oil/gas), when the contract for the vessel was terminated.
A gas-condensate column is also ready for further development, PetroNor said.
