Japex Norge, a subsidiary of Japan Petroleum Exploration (Japex), has agreed to acquire OKEA’s 20% working interest in Production Licence 1119 (PL1119) in the Norwegian Sea.
The licence covers the Mistral South gas field, which has been discovered but is yet to undergo development, and the Mistral North exploration prospect. It is operated by Equinor Energy, which holds a 60% stake, while Inpex Idemitsu Norge is the other stakeholder with 20% ownership.
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The transaction is valued at $30m (Y4.77bn) and carries an effective date of 1 January 2026. Finalisation of the deal is anticipated by the end of the third quarter of 2026 (Q3 2026), subject to government approvals.
The licence is located in an area with established production infrastructure. Japex Norge plans to work with its partners to develop Mistral South, targeting the early 2030s for the start of production.
Plans are in place to drill an exploration well in Mistral North in Q1 2027.
OKEA originated PL1119, identifying the potential for a missed discovery in a region of the southern Norwegian Sea with a history of oil and gas finds.
The discovery of Mistral South was made in Q1 2025. The asset is estimated to hold recoverable resources of 38 million barrels of oil equivalent (mboe) on a P50 basis.
OKEA will receive a contingent payment in the event of a commercial discovery at Mistral North. The estimated post-tax profit from this sale stands at $25m (Nkr233.33m), to be recognised upon the closing of the deal.
The Norwegian company stated that the sale will strengthen its balance sheet and refocus attention on core assets.
Earlier this year, OKEA and its partners announced a hydrocarbon discovery in the Knockando Fensfjord prospect in the Norwegian North Sea, identified through development well 31/4-A-15 D from the Brage installation. The well is located in PL 055.
