Norwegian oil and gas company OKEA has completed of the acquisition 2.223% working interest (WI) in the Ivar Aasen field from Neptune Energy.
OKEA, which has a target of achieving production of 18,500 - 20,000 boe per day in 2022, paid $12 million and the acquisition increases OKEA's ownership share from 0.554% to 2.777%.
Ivar Aasen produces oil from sandstone reservoirs. The field consists of the discoveries 16/1-9 (Ivar Aasen) and 16/1-7 (West Cable). Oil and gas are transported to the Edvard Grieg facility for final processing.
From the Edvard Grieg offshore platform, the oil is exported by pipeline to the Grane oil pipeline and on to the Sture terminal.
The gas is exported in a separate pipeline to the Scottish Area Gas Evacuation (SAGE) pipeline system in the UK sector.
As previously reported, Neptune Energy in November 2021 signed agreements to sell its non-core interests in several Norwegian offshore assets. (Read more below).
The company at the time said it would focus on core areas in Norway, these being the Gjøa, Gudrun, Njord, Dugong, and Snøhvit fields.
