Pandion Energy Acquires Part of Wintershall Dea's Interest in Two Offshore Blocks in Norway

OE Staff

January 5, 2021

Deepsea Bergen Drilling Rig - Image by Jan Henry Knutsen - Marine Traffic

Norwegian oil and gas company Pandion Energy has agreed to acquire interests in two offshore production licenses in Norway from Wintershall DEA.

Pandion will acquire a 2.5 percent interest in PL 820 S and a 15 percent interest in PL 617, both in the North Sea. 

Through this transaction, Pandion Energy increases its interest in PL 820 S to 12.5 percent. The company did not say how much it would pay for the deal.

In March 2020, MOL, the operator of the PL 820 offshore license, announced positive results from exploration drilling in the license.

Wells 25/8-19 S and 25/8-19 A, drilled by the Deepsea Bergen drilling rig, proved hydrocarbons at five different intervals with the Iving discovery in the Skagerrak Formation being the most prominent with recoverable resources estimated to between 12 and 71 million barrels of oil equivalent. 

The operator, MOL Norge AS (40 percent), is together with partners Lundin Energy Norway AS (40 percent), Pandion Energy (10 percent before acquisition) and Wintershall DEA (10 percent before sale) planning an appraisal campaign in 2021. 

The license is located in blocks 25/7 & 8, north-northwest of the Balder and Ringhorne fields.

As for the PL 617, it contains the Eidsvoll prospect and is located in block 2/9, east-northeast of the Valhall & Hod fields where Pandion Energy holds a 10 percent interest. 

The operator, MOL Norge AS (40 percent), is together with partners OMV (Norge) AS (30 percent) and Wintershall DEA (30 percent before sale) planning to drill the Eidsvoll exploration well in 2021.