The Nova field is expected to start production in the second half of 2022. The field is located in the northern part of the North Sea, and the development solution consists of two seabed frameworks connected to the existing Gjøa facility. Nova (formerly Skarfjell) was proven in 2012 and the plan for development and operation (PDO) was approved in 2018. The use of existing infrastructure facilitates efficient extraction of resources and the Nova field will be operated sustainably with electricity from land via Gjøa.
Jan Christian Ellefsen, CEO of Pandion Energy, comments on the following:
“This transaction represents a new, important milestone in Pandion’s history and secures the basis for further growth. Our portfolio has been strengthened, and with Nova in operation, our daily production will more than double.
During its first five years, Pandion Energy has built up a reputation as a solid licensee in exploration and field development on the Norwegian shelf. ONE-Dyas Norway fits in well with our existing portfolio and organization and will contribute to strengthening our position as an active partner in all phases of petroleum activities, with a special focus on value creation in quality shares on the Norwegian shelf.”
Hear more about recent exploration results on the Norwegian Continental Shelf at the NCS – Recent Discoveries Conference, taking place 8 & 9 June in Oslo.
Pandion Energy currently has a daily production of over 5,000 barrels of oil equivalent through a 10 percent share in the Valhall and Hod fields, which is expected to increase further when the new Hod B platform is put into operation during 2022. The Valhall area has been fully electrified from land since 2013. The combined production from Valhall and Nova will thus be in line with the company’s carbon strategy, and have a CO2 intensity per unit produced that is among the lowest on the Norwegian shelf.
Jan Christian Ellefsen further points out that Pandion Energy has for a long time planned further expansion on the Norwegian shelf:
“M&A activity on the Norwegian shelf was at a low level in the first half of 2021, but more opportunities began to emerge as we approached 2022. We are still actively seeking and evaluating further opportunities to expand the portfolio further.”
The transaction is subject to ordinary conditions for implementation, including approval from the Ministry of Petroleum and Energy.
