Neptune sheds non-core Norwegian assets
Neptune Energy has agreed to divest its non-core assets off Norway to local firms Okea and M Vest Energy for $35mn, the company announced on November 12.
Neptune is selling its positions at the Draugen, Brage and Ivar Aasen fields, as well as its stakes in the Edvard Grieg oil pipeline and the Utsira High gas pipeline. Okea will obtain a 2.2% interest in Ivar Aasen, while M Vest will take a 7.6% interest in Draugen, 4.4% in Brage, 1.2% in the Edvard Grieg pipeline and 1.8% in the Utsira High pipeline.
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"The transaction underpins Neptune's corporate strategy to focus its portfolio on core areas," the company said, referring to its core Gjoa, Gudrun, Njord, Dugong and Snohvit fields.
Neptune said the deal would become effective on January 1, 2022, subject to Norwegian government approval. Decommissioning liabilities will be transferred to the buyers.
In addition to Norway, Neptune also works in Algeria, Australia, Egypt, Germany, Indonesia, the Netherlands and the UK.