Deals this week: KUFPEC, Northstar Offshore Ventures
KUFPEC Norway AS has agreed to acquire an additional 15% stake in Gina Krog oil and gas field from Total E&P Norge AS.
The purchase consideration for the transaction is $317m. Gina Krog field is located in the Norwegian North Sea, at a depth of 110m-120m. The field is estimated to hold net reserves of approximately 33Mmboe and is expected to produce at a rate of approximately 9,000boed.
Upon completion of the transaction, the field will be owned by Statoil (58.7%, operator), KUFPEC Norway (30%), PGNiG (8%) and Aker BP (3.3%).
KUFPEC has appointed Scotiabank as the financial advisor and Advokatfirmaet Selmer as the legal advisor for the transaction.
Northstar Offshore Ventures LLC (NOV) has completed the acquisition of certain oil and gas assets located in Outer Continental Shelf of the Gulf of Mexico, US, from Northstar Offshore Group LLC (NOG).
Northstar Offshore Ventures LLC (NOV) is a subsidiary of Orinoco Natural Resources, LLC.
The sale involved transferring NOG’s ownership in eight producing fields, nine non-producing fields and two primary term lease blocks for a cash consideration of $13.25m.
Parkman Whaling Securities LLC and CR3 Partners LLC were the financial advisors to NOG in the transaction.
The deal allows NOV to expand its oil and gas asset portfolio in the Gulf of Mexico.