Norway clears OKEA’s buy of Equinor’s Aurora discovery

Norway’s Ministry of Petroleum and Energy has approved OKEA’s acquisition of Equinor’s operated 40 per cent working interest in PL195 and PL195 B, which include the Aurora discovery.

Norwegian oil and gas company OKEA said on Thursday that the acquisition of Equinor licenses would have an effective date on 1 January 2020.

Erik Haugane, CEO of OKEA, said: “As the operator of PL195 and PL195 B, we will pursue a low-cost development of Aurora“.

To remind, OKEA signed a sales and purchase agreement with Equinor for the acquisition of Equinor’s working interest in the two licences on 15 July 2020.

The two licenses hold Aurora which 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.

Apart from the operator of the licenses, partners Wintershall Dea and Petoro hold 25 and 35 per cent working interest respectively.

At the time, Haugane said that the transaction would diversify the company’s portfolio as well as strengthening OKEA’s 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”, he stated.