Pandion Energy exits DuvaDuva field. Source: Pandion Energy

Pandion Energy exits Duva

PGNiG Upstream Norway and Solveig Gas Norway, will each acquire 10% shares in PL 636 and PL 636B, as Pandion decided to sell its 20% shares in the Duva field.

The Duva oil and gas field (previously known as Cara, “The winner is: Cara”) is located in the northern North Sea and was discovered in the autumn of 2016. The Plan for Development and Operation (PDO) was approved earlier this year, less than three years after discovery.

To maximise synergies, the Duva development project is being coordinated with the redevelopment of Gjøa P1. Duva is being developed as a subsea installation with two oil producers and one gas producer in a tie-back to Gjøa.

With recoverable reserves of 88 MMboe, the field is expected to produce around 30 thousand barrels of oil equivalent per day at its peak. First production expected in late 2020 / early 2021.

“Duva was the first discovery in our portfolio after forming Pandion Energy almost three years ago. We are pleased with the significant value created to date, having participated since the field was discovered through to development. Our engagement in Duva represents the core of our strategy – to add value to high-quality assets and mature them up the development curve – in this case with more than a 50% increase in recoverable resources since the initial discovery. With this sale, we will crystallize some of the value created in our portfolio to date, further strengthening Pandion Energy’s capacity to act on future opportunities. We remain deeply committed to the Norwegian Continental Shelf and look forward to continuing to create value in our remaining portfolio and investing in new attractive opportunities on the shelf”, Jan Christian Ellefsen, CEO of Pandion Energy, comments.

Solveig Gas Norway AS is a significant owner in Gassled (25,553%), the infrastructure for transporting gas from the Norwegian shelf to the European market. Solveig Gas AS was established in the summer of 2011 and is based in Stavanger.

HitecVision has signed an agreement to acquire 100% of the shares in Solveig Gas Holdco AS. Solveig Gas is a significant owner in Gassled, the Norwegian gas infrastructure which delivers about a quarter of Europe’s gas consumption.

Press release