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    Neptune offloads minority stakes in Norwegian offshore fields, pipelines

    Nov. 12, 2021
    Neptune Energy has signed agreements to sell its interests in three producing fields and two export pipelines offshore Norway for up to $35 million.
    (Courtesy Aker BP)
    The Ivar Aasen platform in the central Norwegian North Sea.
    The Ivar Aasen platform in the central Norwegian North Sea.

    Offshore staff

    LONDON – Neptune Energy has signed agreements to sell its interests in three producing fields and two export pipelines offshore Norway for up to $35 million.

    OKEA will acquire 2.2% held by Neptune in the Aker BP-operated Ivar Aasen Unit in the North Sea.

    M Vest will take a further 0.8% interest in Ivar Aasen, along with Neptune’s shares of the Draugen field in the Norwegian Sea (7.56 %), Brage Unit (4.4%), 1.2% in the Edvard Grieg oil pipeline and 1.8% in the Utsira High gas pipeline, all in the North Sea.

    Neptune’s strategy in Norway is to focus on core areas comprising the Gjøa, Gudrun, Njord, Dugong, and Snøhvit fields.

    All decommissioning liabilities will transfer to the buyers.

    OKEA’s deal will increase its share in Ivar Aasen to 2.777%, lifting its anticipated production in 2022 to 18,000-19,000 boe/d.

    Ivar Aasen is in 110 m (361 ft) of water in the northern Norwegian North Sea. Operations started in 2016 via a production, drilling and quarters platform and a jackup for drilling and completion.

    11/12/2021