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Member News12th Nov 2021

Neptune sells non-core Norwegian assets

Privately-owned Neptune Energy has netted some $35 million from the sale of non-operated minority stakes in three producing fields and two pipelines offshore Norway, it said November 12.

OKEA will have 2.2% in Ivar Aasen and M Vest will have 0.8% in Ivar Aasen, 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.

The transaction is part of Neptune’s strategy of focusing on core areas. In Norway these are the Gjøa, Gudrun, Njord, Dugong and Snøhvit fields. All decommissioning liabilities will be transferred to the buyers. The effective date for the agreements is 1 January 2022, subject to regulatory approval. Natixis acted as financial adviser to Neptune.