News listings

energy-pedia farmouts/divestments

Norway flagNorway

Europe / Caspian / CIS >>> Norway

Norway: OKEA acquires Repsol's interest in the Vette oil discovery

18 Dec 2020

Photo - see caption

OKEA has signed a Sales and Purchase Agreement (SPA) with Repsol Norge for the acquisition of Repsol’s 40% operated working interest in PL 972, which includes the Vette oil discovery, with effective date 1 January 2021.  

The Vette discovery (Block 17/12) is located at a water depth of about 110 metres in the south-eastern part of the North Sea. OKEA estimates that the recoverable volumes are in the range of 30-50 mmboe. ONE-Dyas Norge and M Vest Energy each hold a 30% working interest in the licence which also includes the Mackerel and Brisling discoveries.

OKEA will pursue a cost-efficient development of Vette with a concept applicable for production from small discoveries. OKEA has been working with the Grevling field development plan during the last years. Vette has a similar size as Grevling, and the two fields may jointly constitute a coordinated serial development enabling a satisfactory breakeven cost for both fields.

'We view Vette as the most likely candidate for a profitable small field standalone development on the NCS which can benefit a common infrastructure with similar size fields, like Grevling. Through this transaction, we continue to increase and diversify our portfolio with the key ambition to develop sub-100 mmboe fields on the NCS', says Mr Erik Haugane, CEO of OKEA. 

The transaction is subject to approval from both the licence partners and the Ministry of Petroleum and Energy. 

Original article link

Source: OKEA

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 277

Completed Deals

Completed Upstream Deals: 6458

Company Profiles

Current Company Profiles: 2886

Corporate Activity

Current Corporate Activity articles: 4036

Companies Looking

Current number of articles: 463

Company Sales

Current Company Sales articles:1622


Current Geostudies articles: 917

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Government of South Australia
Telos NRG
Union Jack Oil 149
Rose & Assocs 180
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675