OKEA has been informed by Wintershall Dea, as operator of Nova, that production has started at the field. On 23 May 2022, OKEA ASA announced that it has entered into an agreement to acquire a material portfolio of assets from Wintershall Dea Norge AS, including a 6% WI in the Nova field. OKEA’s ownership share in Nova will add approximately 3,000 boepd net to OKEA when the transaction is completed. The Nova field is a tieback to Gjøa which further extends the economic lifetime and increases the profitability of the Gjøa field, in which OKEA has 12% working interest (WI).
In the transaction with Wintershall Dea, OKEA will acquire 35.2% operated WI in the Brage Unit, 6.4615% WI in the Ivar Aasen Unit and 6% WI in the Nova field with effective date 1 January 2022. The transaction is conditional upon Norwegian governmental approval and is expected to be completed in Q4 2022.
About Nova
Nova is located in the Norwegian North Sea, about 120 kilometres northwest of Bergen and approximately 17 kilometres southwest of Gjøa. The water depth is around 370 metres. The Nova field development consists of two subsea templates, one with three oil producers and one with three water injectors, tied back to the Gjøa platform. Gjøa is powered via hydropower from the Norwegian mainland which minimises the carbon-intensity of Nova.
The expected recoverable gross reserves from the field are estimated to 90 million barrels of oil equivalent (boe), of which the majority is oil.
Oil from Nova will be transported via Gjøa through the Troll Oil Pipeline II to Mongstad in Norway, associated gas will be exported via the Far North Liquids and Associated Gas System (FLAGS) pipeline to St Fergus in the UK, supplying the European energy market.
Wintershall Dea Norge AS is operator of the Nova field with a 45% share. Sval Energi AS also has a 45% share and Pandion Energy Norge owns 10%. Following completion of the transaction with OKEA, Wintershall Dea’s share will be reduced to 39%.
About OKEA
OKEA ASA is a leading mid- to late-life operator on the Norwegian Continental Shelf (NCS). OKEA finds value where others divest and has an ambitious strategy built on growth, value creation and capital discipline.
About Wintershall Dea
Wintershall Dea is Europe’s leading independent natural gas and oil company with more than 120 years of experience as an operator and project partner along the entire E&P value chain. The company with German roots and headquarters in Kassel and Hamburg explores for and produces gas and oil in 13 countries worldwide in an efficient and responsible manner. With activities in Europe, Russia, Latin America and the MENA region (Middle East & North Africa), Wintershall Dea has a global upstream portfolio and, with its participation in natural gas transport, is also active in the midstream business. More in our Annual Report.
As a European gas and oil company, we support the EU's 2050 carbon neutrality target. As our contribution we have set ourselves ambitious targets: We want to be net zero across our entire upstream operations – both operated and non-operated – by 2030. This includes Scope 1 (direct) and Scope 2 (indirect) greenhouse gas emissions on an equity share basis. In addition Wintershall Dea will bring methane emissions intensity below 0.1 per cent by 2025 and maintain zero routine flaring of associated gas in its operations. The climate goals are to be achieved through portfolio optimization, emissions reduction through more energy efficiency, investments in nature-based compensation solutions and in future technologies such as hydrogen and CCS. You can find more about this in our Sustainability Report.
Wintershall Dea was formed from the merger of Wintershall Holding GmbH and DEA Deutsche Erdoel AG, in 2019. Today, the company employs around 2,500 people worldwide from almost 60 nations.