Pandion Energy, a Norwegian full-cycle oil and gas company, has agreed to divest its 20% share in the Duva field to PGNiG Upstream Norway and Solveig Gas Norway.

Pandion will sell 10% share in PL 636 to PGNiG Upstream Norway and and 10% share in PL 636B to Solveig Gas Norway, through two separate transactions.

Pandion Energy CEO Jan Christian Ellefsen said: “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.”

Duva field will produce nearly 30,000 barrels of oil equivalent per day

Discovered in the autumn of 2016, Duva oil and gas field is located in the Norwegian sector of the North Sea at a water depth of 360m.

Along with Pandion, owning 20%, the field is jointly owned by Idemitsu Petroleum Norge holding 30% stake, Wellesley Petroleum holding 20% and Neptune Energy Norge holding serves as operator with 30% stake.

The company said that within three years after discovery, in June 2019, the Norwegian authorities have approved the Neptune Energy’s plan for development and operation (PDO) for the field.

In addition, the field has approximately 88million barrels of oil equivalent, and is expected to produce approximately 30,000 barrels of oil equivalent per day at the peak of production.

Duva field is planned to be developed as a subsea tie-back to the nearby Gjøa platform, and the first production is expected in late 2020 or early 2021.

Pandion said that the completion of the transactions is subject to the fulfilment of customary conditions, including approval by the Norwegian Ministry of Petroleum and Energy.

Ellefsen said: “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.”