Longboat Energy, through its subsidiary Longboat Energy Norge, has agreed to acquire stakes in two producing fields offshore Norway from Japan’s Inpex subsidiary Inpex Idemitsu.
Under the sale and purchase agreement, Longboat will acquire a 9.60% interest in PL 089, including a 4.80% unitised interest in the Statfjord Øst Unit and a a 4.32% unitised interest in the Sygna Unit, for cash consideration of $12.75m (NKr135.76m).
The Statfjord Øst Unit and Sygna Unit are jointly known as the Statfjord Satellites.
Longboat Norge will become a joint venture between Longboat Energy and Japan Petroleum Exploration (Japex) following completion of Japex’s investment in Longboat Norge.
The fields covered under the transaction are expected to have an operational life until the late 2030s.
Following a five-well in-fill drilling programme, which is currently under way, production from the two fields is expected to approximately double in 2024.
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Longboat CEO Helge Hammer said: “We are pleased to announce our first production acquisition in Norway, the next step in realising our growth ambitions on the Norwegian Continental Shelf. The Statfjord Satellites are two high-quality, long-life assets undergoing an exciting and transformative redevelopment led by Equinor.
“Longboat’s ability to secure this acquisition through a bilateral negotiation continues to demonstrate the company’s deep relationships in Norway and is an important next step in creating a full cycle E&P [exploration & production] company. The Statfjord Satellites help position the enlarged business for future success and proves the benefits of joint venture concept.”
Located seven kilometres to the north-east of the Statfjord field in a water depth of 190m, Statfjord Øst produces oil and gas from good quality, Middle Jurassic sandstone in the Brent Group.
The Sygna field has gross production of around 1,300 barrels of oil equivalent per day from one well.