Asset trio stake sale to Inpex fueling Pandion’s growth ambitions

July 22, 2025, by Dragana Nikše

Norway’s oil and gas company Pandion Energy has signed an agreement to sell its interests in three assets offshore Norway to Inpex Idemitsu Norge, a subsidiary of Japan’s Inpex.

The assets comprise seven production licenses on the Norwegian Continental Shelf (NCS). Four belong to the producing Valhall and Hod fields (PL006B, PL006G, PL033, and PL033B), two to Slagugle discovery (PL 891 and PL 891B), and one to Mistral discovery (PL1119).

Pandion’s interest in the producing fields is 10%, paired with a 20% interest in each of the two discoveries. The transaction is subject to customary conditions for completion, including approval by the Norwegian Ministry of Energy.

Jan Christian Ellefsen, CEO of Pandion Energy, stated: “This agreement marks a natural next step for Pandion. We have successfully delivered on our strategy of identifying and maturing quality assets, and this divestment allows us to crystallize value and focus our resources on our remaining portfolio. That includes the producing field, Nova, and the development of Ofelia in the Greater Gjøa Area, as well as other high-potential assets in our portfolio.”

The three assets are credited for helping Pandion create value through investing in high-quality projects close to existing infrastructure. Their sale is expected to generate significant value, boosting the company’s ability to invest in the next phase of its portfolio management strategy.

Pandion pointed out that it intends to keep its full-cycle approach and use the increased financial flexibility to focus on developing its remaining assets. This entails progressing discoveries deemed key, such as the Vår Energi-operated Ofelia, and pursuing new growth opportunities in selected areas on the NCS.

Acquisition of interest in Valhall and Hod in 2017 enabled Pandion to become a full-cycle oil and gas company. Since then, the company has participated in the continued development of the area. This included the Valhall Flank West development and the Hod redevelopment.

The most recent example is the Valhall PWP-Fenris project done in cooperation with Aker BP. The field is entering a new era with the installation of a new production and wellhead platform (PWP), which is expected to enable 40 more years of production.

As for the two discoveries, Slagugle was considered the biggest discovery on the NCS when it was made by ConocoPhillips in 2020.

The Equinor-operated Mistral discovery was the more recent of the two, made in early 2025. The asset is estimated to contain commercially viable resources of between 19 and 44 million barrels of oil equivalent (mmboe).