TRONDHEIM, Norway — OKEA has postponed completion of a farm-in transaction covering a 28% interest in license PL037 (Statfjord Area) in the Norwegian North Sea.
The company announced the arrangement in March, with an initial fixed consideration of $220 million.
However, in connection with Equinor’s obligation as operator to provide an assessment for the Statfjord Area for 2024, the updated information OKEA received indicated a 10-15% drop in 2P and 2C volumes over the lifespan of the acquired assets compared to the 2023 estimate, along with increased cost.
OKEA claims a significant impairment will likely be needed before it can complete the acquisition. It is in talks with Equinor on a way forward.
