ONE-Dyas joining North Sea Nova project

Aug. 6, 2019

Offshore staff

EDINBURGH, UK – Cairn has an agreement to sell 10% of its 20% interest in the Nova development in the Norwegian North Sea to ONE-Dyas Norge for $59.5 million, plus working capital adjustments.

The transaction should reduce Cairn’s capex in the Nova area to the end of 2021 by around $110 million.

It plans to use the proceeds for other exploration and development activities.

Wintershall DEA submitted the Nova field development plan in mid-2018 and is targeting first oil in 2021 via a tieback to the Neptune Energy-operated Gjøa platform.