Norwegian oil and gas company OKEA has postponed the acquisition of a 28% working interest in PL037 (Statfjord Area) from Equinor.

The deal, which included an initial fixed consideration of $220m (Nkr2.36bn), was announced in March 2023 and expected to close on 30 November 2023.

OKEA said the updated information provided by Equinor “indicates a reduction in 2P and 2C volumes of 10–15% over the lifetime of the acquired assets” compared with earlier estimates.

2C refers to contingent resources, whereas 2P stands for proven and potential reserves.

The Statfjord Area includes the Statfjord Unit, Statfjord Øst Unit, Statfjord Nord and Sygna Unit.

The transaction included a 23.9% ownership in Statfjord Unit, a 28% interest in Statfjord Nord, a 14% holding in Statfjord Øst Unit and a 15.4% stake in Sygna Unit.

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By GlobalData

“Preliminary assessments of the updated projections indicate a material reduction in fair value and a significant impairment may therefore likely be required following completion of the acquisition,” OKEA said.

Announcing the deal, OKEA had said the Statfjord Area will add 41 million barrels of oil equivalent (mboe) of net 2P reserves and 8mboe of net 2C resources.

Talks for a way forward are still going on with Equinor, it added.

In a separate development, earlier this week, Equinor reached an agreement to sell Equinor Nigeria Energy Company (ENEC) to local company Chappal Energies.

ENEC owns a 53.85% stake in oil and gas lease OML 128, including a 20.21% stake in the Chevron-operated Agbami oil field.

The Agbami field has produced more than one billion barrels of oil since production began in 2008.

Equinor senior vice-president for Africa Operations Nina Koch said: “Nigeria has been an important part of Equinor’s international portfolio over the past 30 years. This transaction realises value and is in line with Equinor’s strategy to optimise its international oil and gas portfolio and focus on core areas.”

ENEC’s divesture is subject to fulfilment of certain requirements, and receipt of all necessary legal and regulatory clearances.