Germany's DEA is acquiring participating interests in seven licenses in the Njord area of the Norwegian Sea, including 20% increased interest in the Njord field, from Engie E&P Norge.
The agreement with France's Engie E&P Norge includes: 20% in the Njord field (PL107 and PL132), 10% in the Hyme field (PL348), 10% in the Snilehorn discovery (PL348B), 15% in the Noatun discovery (PL107B and PL107D) and 20% in the North Flank discovery (PL107C).
Dea says the Njord Area is one of the key areas for the company in Norway, and increasing the presence with assets with long production life has been important for the company.
Earlier this year, production was stopped at Njord and Hyme and the Njord production facility was towed to Kvaerner's Stord facility in Norway for extensive modifications to extend its operating life and accommodate a number of new satellite field tie-back developments, including the Snilehorn, Pil and Bue fields.
These, as well as a redevelopment of the Njord and Hyme fields, come under Statoil's Njord Future Project, with production due to start in 2019.
“All together the acquisition adds approximately 45 MMboe in reserves and contingent resources to DEA. This acquisition has attractive economics and establishes DEA as one of the major players in the area and confirms our commitment to growth in Norway”, said Hans-Hermann Andreae, Managing Director of DEA Norge.
The transaction between DEA Norge AS and Engie E&P Norge AS will be effective from 1 January 2017.
After the transaction, DEA’s shares in the licenses will be:
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