Neptune Energy today announced it would sell its non-operated working interests for $35 million in three producing fields and two export pipelines on the Norwegian Continental Shelf (NCS).
INTERESTS
The company said it had signed sale and purchase agreements with OKEA ASA and M Vest Energy.
The assets include the producing Draugen, Brage and Ivar Aasen fields, as well as the Edvard Grieg oil pipeline and the Utsira high gas pipeline, located on the NCS.
Following completion of the transaction, Neptune will no longer hold participating interests in these assets.
OKEA will acquire a 2.2% interest in the Ivar Aasen Unit.
M Vest is to acquire a 0.8% interest in the Ivar Aasen Unit, 7.56 % in the Draugen field, 4.4% in the Brage unit, 1.2% in the Edvard Grieg oil pipeline and 1.8% in the Utsira high gas pipeline.
STRATEGY
Neptune said in a statement that the transaction underpinned its corporate strategy to focus its portfolio on core areas.
In Norway these are the Gjøa, Gudrun, Njord, Dugong and Snøhvit fields.
The effective date for the agreements is 1 January 2022 subject to approvals.