Pandion Energy to acquire ONE-Dyas Norway operations

Pandion Energy AS has signed an agreement with ONE-Dyas Holdings BV to acquire ONE-Dyas Norge AS. The transaction includes a 10% share of Wintershall Dea-operated Nova field and interest in 11 exploration licenses.

Nova, in the northern part of the North Sea primarily in the PL418 license area, is being developed with two subsea templates tied back to the existing Gjøa platform. Nova (previously Skarfjell) was discovered in 2012. The reservoir contains oil and gas in the Late Jurassic Heather formation. The plan for development and operation (PDO) was approved in 2018. The use of existing infrastructure enables effective extraction of resources and Nova will be operated with hydro power from shore through Gjøa. Nova is expected to start production in second-half 2022.

Pandion Energy currently produces over 5,000 boe/d through its 10% ownership in Valhall and Hod fields. This is set to increase when the new Hod B platform comes on stream in 2022. The Valhall area has been fully electrified from shore since 2013.