Norwegian oil company Pandion Energy agreed to buy ONE-Dyas Holdings B.V.'s Norwegian subsidiary ONE-Dyas Norge AS for an undisclosed fee. The deal includes a 10 percent share of the Nova offshore field in the North Sea field, and a total of 11 exploration licenses.
The Nova field is expected to start production in the second half of 2022. The field, located in the northern part of the North Sea, is being developed with two subsea templates tied back to the existing Gjøa platform.
Nova (previously Skarfjell) was discovered in 2012 and the plan for development and operation (PDO) was approved in 2018. The use of existing infrastructure enables effective extraction of the resources and Nova will be sustainably operated with hydro power from shore through Gjøa.
Pandion Energy CEO Jan Christian Ellefsen said: "This transaction represents a new leap in the Pandion story and secures the foundation for further growth. Our asset base is strengthened and, with Nova on stream, our daily production will more than double.
Through its 10 percent ownership in the Valhall and Hod fields, Pandion Energy currently produces over 5,000 barrels of oil equivalent per day, set to increase further as the new Hod B platform comes on stream in 2022.
The Oslo-based company's CEO Ellefsen also said that Pandion Energy has long indicated plans for further expansion on the Norwegian Continental Shelf, adding the company is on the lookout for further acquisitions.
He said: “M&A activity on the NCS was slow during the first half of 2021, but more opportunities started to occur as we approached 2022. We are still actively searching for and evaluating additional opportunities to further grow our portfolio.”
Pandion in January last year agreed to acquire interests in two offshore production licenses in Norway from Wintershall DEA, the operator of the Nova field.
