Solveig Gas wraps up Duva field stake buy from Pandion Energy

Norwegian oil and gas company Pandion Energy has completed the sale of its 10 percent non-operated interests in PL 636, comprising the Duva oil and gas field, and PL 686B.

Duva project; Source: Neptune

Pandion said on Monday that it completed its previously announced transaction with Solveig Gas Norway AS.

The company announced in November that it would be divesting its 20 percent share in the Duva field through two transactions, one with PGNiG Upstream Norway and one with Solveig Gas Norway, each acquiring a 10 percent share in the two production licenses.

Pandion’s sale of its interests in the licenses to PGNiG is expected to be completed in early 2020. The Polish oil and gas company already entered the Duva field through the acquisition of a 20 percent stake in the Duva field from Wellesley in late October.

The Neptune Energy-operated Duva oil and gas field is located in the northern North Sea and was discovered in the autumn of 2016. The Plan for Development and Operation (PDO) was approved earlier this year, less than three years after discovery.

With recoverable reserves of 88 million barrels of oil equivalent, the field is expected to produce around 30 thousand barrels of oil equivalent per day at its peak.

The Duva field will be developed as a subsea tie-back to the nearby Gjøa platform, with first production expected in late 2020/early 2021. Neptune started its first subsea installation and construction campaign on the Duva field in late July.

Neptune holds a 30 percent interest in the field, Idemitsu Petroleum Norge holds another 30 percent, PGNiG has 20 percent, while Solveig Gas has 10 percent. Following the closing of the transaction between Pandion and PGNiG, the Polish company will raise its stake to 30 percent.

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