Longboat JAPEX Norge, a joint venture of Longboat Energy and Japan Petroleum Exploration (JAPEX), has completed the acquisition of interests in producing fields offshore Norway.
Longboat Energy, an oil and gas exploration and production company with activities in Norway and Malaysia, said it concluded the acquisition of a 4.80% unitized interest in the Statfjord Øst Unit and a 4.32% unitised interest in the Sygna Unit (together - the Statfjord Satellites) on February 1, 2024.
The acquisition from INPEX Idemitsu was first announced in July 2023, which was followed by the creation of the joint venture with JAPEX later that month, which helped fund the acquisition through JAPEX investment.
Production from the Statfjord Satellites averaged net 254 boepd in 2023 and is currently at net 370 boepd from Statfjord Øst and Sygna.
Drilling operations have been completed and the operator, Equinor, is currently in the process of commissioning the remaining new wells in Statfjord Øst which are expected to be brought on stream during the coming months, according to Longboat Energy.
The company anticipates significant increase in production during the first quarter of 2024 and production guidance will be provided following the ramp-up of the new production wells.
"We are pleased to have reached completion of our first production acquisition in Norway. Albeit a relatively small acquisition, it is an important step and the Statfjord Satellites are long-life assets and have just undergone a significant infill drilling and redevelopment project.
“We are now focused on adding further assets to our portfolio to build a full cycle E&P company with material production interests. We would like to thank our new joint venture partner, JAPEX, with whom we have worked in close cooperation to execute this transaction,” said Helge Hammer, Chief Executive of Longboat Energy.