Neptune Energy Divests Portfolio of Non-Core Assets in Norway

Source: www.gulfoilandgas.com 11/12/2021, Location: Europe

Neptune Energy has signed Sale and Purchase agreements with OKEA ASA and M Vest Energy AS whereby Neptune will divest its non-operated working interests in three producing fields and two export pipelines on the Norwegian Continental Shelf.

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.

The transaction underpins Neptune’s corporate strategy to focus its portfolio on core areas. In Norway these are the Gjøa, Gudrun, Njord, Dugong and Snøhvit fields.

The agreed consideration totals up to $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.

Natixis acted as financial adviser to Neptune.


Ethiopia >>  7/4/2022 - Yara has signed a Share Purchase Agreement with XLR Enterprises Limited to sell its ownership interest in the Dallol mining project in Ethiopia. The D...
Nigeria >>  7/1/2022 - ADM Energy PLC, a natural resources investing company, provides an update on the legal proceedings in respect of its interest in the Barracuda oil fie...

Norway >>  7/1/2022 - Rex International Holding Limited (“Rex International Holding”, “Rex” or the “Company”, and together with its subsidiaries, the “Group”), a technology...
Norway >>  7/1/2022 - The farmin agreement with OMV (Norge) AS ("OMV"), which was first announced on May 9, 2022, has now been concluded, according to Longboat Energy, an u...

United States >>  7/1/2022 - - Transaction drives value through significant synergistic opportunities and alignment with BKV's sustainability initiatives outlined in its 2021 repo...
Canada >>  6/30/2022 - STORAGEVAULT CANADA INC. (“StorageVault”) is pleased to announce that, further to its May 12, 2022 news release, it has completed the acquisition of 6...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.