INPEX Idemitsu Norge, a subsidiary of Japan’s Inpex, has completed the acquisition of three assets in Norwegian waters from Norway’s oil and gas company Pandion Energy.

After obtaining approval from the Norwegian Ministry of Energy, INPEX now formally has interests in three assets, comprising seven production licenses on the Norwegian Continental Shelf (NCS), formerly owned by Pandion.

As previously disclosed, four licenses belong to the producing Valhall and Hod fields (PL006B, PL006G, PL033, and PL033B), two to the Slagugle oil discovery (PL 891 and PL 891B), and one to the Mistral gas/condensate discovery (PL1119).

The deal entails a 10% interest in the producing fields, paired with a 20% interest in each of the two discoveries. 

“We remain dedicated to pursuing further growth through exploration, asset acquisitions, and strategic M&A opportunities. I would like to extend my heartfelt appreciation to our colleagues for their exceptional efforts, professionalism, and commitment in achieving this important milestone together,” said Koji Ochiai, Managing Director at INPEX Idemitsu Norge.

Pandion stated that it retains a producing base through its 10% interest in the Nova field, noting that it continues to mature its discoveries, most notably Ofelia and Sierra Solberg, towards the development stage.

Jan Christian Ellefsen, CEO of Pandion Energy, noted: “Since 2017, we have taken part in the transformation of Valhall from a legacy field into a modern hub for continued production and future developments. With this divestment, we are capturing value created both from within our producing asset base and our exploration portfolio.”

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