OKEA takes interest in Equinor’s Aurora discovery

OKEA has signed a sales and purchase agreement with Equinor for the acquisition of Equinor’s 40 per cent operated working interest in two licences offshore Norway, which include the Aurora discovery.

The acquisition of interests in licences PL195 and PL195 B is effective as of 1 January 2020, OKEA said on Wednesday.

Aurora is a small gas discovery in the North Sea located west of the Gjøa field.

OKEA estimates that the recoverable volumes are in the range of 12-28 mmboe.

Wintershall DEA and Petoro each hold respectively 25 per cent and 35 per cent working interest each in the licences.

OKEA aims to become the operator for the licences and pursue a low-cost development of Aurora as a tie-in to the Gjøa platform without further appraisal drilling.

Both the transaction and a potential change in operatorship are subject to approval by the Ministry of Petroleum and Energy.

Erik Haugane, CEO of OKEA, said: “By this transaction, we are diversifying our portfolio as well as strengthening our position in the Gjøa area.

“A development of Aurora fits right into the core of OKEA’s strategy with low-cost field development of smaller discoveries”.