Fossil Energy – Minority Interest Statfjord
Longboat Energy Norge has agreed to acquire minority interests held by INPEX Idemitsu Norge in two production centers in PL 089 in the Norwegian North Sea for $12.75 million.
These comprise 4.80% in the Statfjord Øst Unit and 4.32% in the Sygna Unit (collectively known as the Statfjord Satellites).
Longboat Norge will shortly become a joint venture between Longboat Energy and Japan Petroleum Exploration (JAPEX), after the latter completes an investment that was announced two months ago.
The transaction will provide Longboat Norge’s first production on the Norwegian Continental Shelf. In addition, the company has entered a decommissioning security agreement with INPEX Idemitsu and will pay a further deferred, post-tax consideration of $1.75 million over the next 18 months.
Aside from regulatory, lender and partner approvals, the deal remains subject to the successful carve-out of Statfjord Øst and Sygna from PL 089 and the completion of the JAPEX investment.
