OKEA withdrawing from Mistral license offshore mid-Norway
Although PL1119 contains a potentially commercial discovery, OKEA has opted to sell its share to Japex Norge to focus on its core Norwegian hub/exploration areas.
Under the terms of the transaction, OKEA will retain an upside in the event that the Mistral Nord prospect proves to be commercial. An exploration well is due to be drilled in first-quarter 2027.
Post-transaction later this year, the partners will be Equinor Energy (operator, 60% WI), Inpex Idemitsu Norge (20%) and Japex Norge (20%).
OKEA said the location was outside its core areas but took credit for identifying Mistral as an opportunity that had been missed by the previous acreage holders. PL1119 was awarded under the APA 2018 licensing round.
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.
