Pandion pens deal to buy ONE-Dyas' Norwegian assets
Oslo-based Pandion Energy announced on March 9 it had signed a deal to acquire the Norwegian business of Dutch player ONE-Dyas, giving it a 10% share of the soon-to-be-producing Nova field, plus 11 exploration licences.
Through its 10% stakes in the Valhall and Hod fields, Pandion currently produces more than 5,000 barrels of oil equivalent/day and this is set to rise once the new Hod B platform comes on stream in 2022. With Nova on track to start production in the second half of this year, Pandion's acquisition of ONE-Dyas' stake is expected to more than double the company's output.
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"This transaction represents a new leap in the Pandion story and secures the foundation for further growth," Pandion CEO Jan Christian Ellefsen said in a statement. "Our asset base is strengthened and, with Nova on stream, our daily production will more than double."
Under plans filed in 2018, the Wintershall Dea-operated Nova development will comprise two four-slot subsea templates tied back to the Neptune Energy-operated Gjoa platform. Oil will be transported via the Troll Oil Pipeline II to the Mongstad terminal in Norway, while gas will be delivered via the Far North Liquids and Associated Gas System (FLAGS) pipeline to St Fergus in the UK.
Pandion has made several acquisitions in recent years. In 2019 it bought a 20% stake in the Norwegian Sea's Slagugle oil and gas prospect from US major ConocoPhillips. The following year it also took 2.5% interests in two licences containing the Iving discovery. In addition, the company has been expanding its exploration base by applying for licences in Norway's offshore rounds.