Norwegian oil company Pandion Energy has agreed to acquire ONE-Dyas Norge, the Norwegian subsidiary of exploration and production company ONE-Dyas Holdings.

The financial terms of the deal have not been made public.

ONE-Dyas Norge holds a 10% stake in the Nova field, located in the Norwegian North Sea, and 11 exploration licences.

Scheduled to start production in the second half of this year, the Nova field is being developed with two subsea templates that are tied back to the existing Gjøa platform.

Wintershall Dea operates the Nova field with a 45% stake. Other partners include Spirit Energy Norge (20%), Sval Energi (10%), Edison Norge (15%), and ONE-Dyas Norge (10%).

Pandion Energy CEO Jan Christian Ellefsen said: “This transaction represents a new leap in the Pandion story, and secures the foundation for further growth. Our asset base is strengthened and, with Nova on stream, our daily production will more than double.

“During the first five years, Pandion Energy has earned its reputation as a trusted partner in exploration and field development on the Norwegian Continental Shelf (NCS).

“ONE-Dyas Norge fits well with our existing portfolio and organisation, and will strengthen our position as an active, full-cycle partner, driving value in high-quality assets on the NCS.”

The transaction is subject to customary conditions, including, but not limited to, approval by the Norwegian Ministry of Petroleum and Energy.

Ellefsen said that the company is searching for and assessing additional opportunities for further expansion.

Last month, Norway approved the development plan for the first phase of the Equinor-operated Kristin Sør project.