Norwegian state-owned energy company Petoro acquired share from Zidane field offshore Norway

Zidane offshore projectNorwegian state-owned energy company Petoro entered into definitive agreement with OMV Norge for acquisition of its assets in Zidane project field off Norway. Under the terms of agreement, the OMV Norge, which is subsidiary of Austrian energy group OMV, transfer its 20% stake to the Norwegian energy company and leave the project. The amount of transaction is not yet disclosed, but expect to complete until until the end of the year and not to interfere the start of the project, as operator need to submit its plan for development until October 3, 2016. The acquisition agreement is subject of government and antitrust approval.

The Zidane is a gas field in the Norwegian Sea discovered in 2010. The Zidane field is located in Production Licence 435, located approximately 9 nautical miles northwest of the Heidrun field and 19 nautical miles south of the Skarv field in the Norwegian Sea. The Zidane gas field is operated by DEA Norge (having 40% share), partnering with Maersk Oil Norway (20%), Edison Norge (20%) and OMV Norge (20%). The total volume of the gas field is estimated to 14-22 billion cbm of recoverable gas.

“We are pleased with Petoro partnership and look forward to delivering development plan and start the project”, said the director of DEA Norge, Kjetil Hjertvik. “Nevertheless, the partnership is clear that a development plan will be delivered within the government’s deadline”, added he.

Petoro is a company wholly owned by the Government of Norway. It manages the Government’s portfolio (called State’s Direct Financial Interest, or SDFI), of exploration and production licenses for petroleum and natural gas on the Norwegian continental shelf. Petoro is not an operator of any fields and does not directly own the licenses, but owns a shares in many of them.